Jung Chung-rae faces substantial internal pressure within the Democratic Party of Korea ahead of its August 2026 leadership convention, where he intends to seek re-election as chair. Core supporters of President Lee Jae-myung have signaled plans to field an alternative candidate to block his return, citing recent campaign distractions such as the May 3 incident in Busan that drew opposition criticism for an inappropriate remark to a child. These tensions build on earlier divisions over a failed merger with the Rebuilding Korea Party and procedural concerns about Jung’s unilateral decisions. With local elections on June 3 serving as an immediate test, traders view the convention as the decisive moment likely to produce a leadership change, consistent with the 80.5% implied probability on Yes.