Subword tokenization, where text is represented in an intermediate form between full words and characters, is ubiquitous in modern NLP due to its ability to represent any input sentence with a small vocabulary. However for Korean, where there are 11,172 base characters (*syllables*) in its alphabet, it is difficult to have a vocabulary large enough to succinctly encode text while fitting within parameter-budget constraints. This motivates us to explore an alternative representation for Korean which relies on the decompositional nature of Korean syllables: a syllable can be uniquely decomposed into a sequence of two or three subcharacters (*jamo*), of which there are only 68.Using jamo as the basis for subword tokenization (e.g., byte-pair encoding) leads to shorter tokenized sequences with fewer vocabulary parameters, exposes the model to sub-syllable-level morphological information, and increases the amount of augmentation gained from subword regularization. We evaluate jamo-level subword tokenization on several Korean translation tasks and find that jamo-level subword models consistently outperform syllable- and byte-level models in low-resource and restricted-vocabulary settings.