Joon Seok, chief strategist at Morgan Stanley Korea, stated that the next phase of improvement in the "Korea discount" phenomenon in the South Korean market will depend on enhancements in corporate governance, capital allocation, and return on equity. Seok told The Korea Herald in a written interview that they believe "the ball is in the court of the corporate sector and stakeholders," rather than government policy. Morgan Stanley's assessment of South Korea's reforms has shifted significantly since last April, when they viewed the country as still stagnant.