Korean retail margin debt hits a record

South Korean retail investors are betting on stocks with record borrowed money.
Margin loans have surged to roughly 38 trillion won, more than doubling over the last year and far above the 2021 retail frenzy peak.
At the same time, the KOSPI has seen violent selloffs, circuit breakers, and rising margin calls.
That is a dangerous mix.
Leverage feels like confidence on the way up and turns into forced selling on the way down.