Paradoxically, I believe the KOSPI outlook is bleak because of the pension funds.

The reason pension funds have so much liquidity right now is that Baby Boomers have not yet reached the age of full-scale benefit payouts.
Once those born in the 1960s reach the payout age, massive amounts of money will be disbursed every year,
and the amount of capital available to manage will decrease.
In that case, they will have to continuously sell off domestic stocks,
which is a long-term negative factor.