South Korean President Lee Jae Myung announced Thursday he would not proceed with changes to the country’s capital gains tax on stock investments, acknowledging that the proposed revision risked harming market stability. “If it causes damage to the stock market, I don't think it is necessary to lower the threshold to 1 billion [won] from 5 billion,” Lee said, referring to the definition of “large shareholders” subject to the tax. The plan had triggered backlash from retail investors. Lee stated the decision would be left to parliament, which is currently reviewing the proposal. Both major parties, the ruling Democratic Party and the opposition People Power Party, support keeping the threshold unchanged.