South Korean president apologizes for election defeat

Embattled South Korean President Yoon Suk Yeol on Tuesday "apologized" for his ruling People Power Party (PPP)'s crushing defeat in last week's parliamentary elections, saying he failed "to look into what people want and uphold their will."

"I, as the president, am at fault first," Yoon made the remarks during a Cabinet meeting, Seoul-based Yonhap News reported.

The apology came six days after the opposition bloc won a resounding victory in the crucial parliamentary elections, defeating the PPP, which could grab only 108 seats in the 300-member National Assembly.

"I am sorry for failing to look properly into and uphold the will of the people," Yoon was quoted as saying.

He said the public sentiment revealed in the general elections "must be humbly accepted" by all.

"Even though I set the right direction for state affairs and did my best to put it into practice, I believe I was lacking in creating change to the extent it could be felt by the people," he said.

Despite his administration's best efforts to tame inflation, improve fiscal health, increase the housing supply and protect retail stock investors, none of those measures were enough to address the fundamental needs of lower-income citizens, he went on to say.

The expected election outcome is seen as a significant blow to Yoon whose popularity has suffered from a cost-of-living crisis and a string of political scandals.

Yoon is the first president since South Korea's democratization to work with an opposition-controlled parliament for all five years of his term.