The ruling People Power Party was routed in the April 10 elections, securing only 108 seats in the 300-member National Assembly, compared to the opposition Democratic Party's 175.
"I am sorry as the president for not properly considering and upholding the will of the people," Yoon was quoted as saying during a Cabinet meeting at the presidential office.
Yoon also said he would humbly accept the public sentiment expressed in the elections and try to improve communication with the public, a senior aide told reporters after the meeting.
"Over the past two years since taking office, I have looked only to the people and walked the path for the national interest, but failed to meet their expectations," the president said.
"Despite making every effort to set the right direction for state affairs and implementing it, we fell short of making sufficient changes for the people to feel.”
Despite achievements in fighting inflation and stabilizing the real estate market, he admitted there were shortcomings in overcoming the gap between policies and implementations.
He reaffirmed his commitment to advancing his plan to increase admissions to medical schools, despite the ongoing strike by thousands of trainee doctors since February, who voiced apprehensions that the planned expansion might harm the quality of medical education.
The presidential office also said Yoon is open to talks with opposition leader Lee Jae-myung, whom he has refused to officially meet since his inauguration two years ago, apparently due to criminal charges faced by Lee.
The aide suggested the president may meet with the leaders to the ruling and opposition parties but noted it will take time for the meeting to materialize as the ruling party must regroup after its electoral defeat.
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