BUSAN, Oct. 7 (Yonhap) -- Michelle Yeoh, the trailblazing actor who was the first Asian to win the Academy Award for Best Actress, said she is not afraid of taking on new challenges, saying life is all about opening up to possibilities.

Yeoh made the remark as she attended the Busan International Film Festival (BIFF) as the recipient of this year's Asian Filmmaker of the Year award and the lead actor of the film "It's My Time," which has been invited to the film fest's Gala Presentation section.

"Every day, when I wake up, I look forward to a new challenge in life and I think that is what life is about," Yeoh said at a press conference. "I am not afraid of failures. It is like a heartbeat, it goes up, it comes down."

Yeoh said pursuing new opportunities and finding something to learn from has allowed her to take on different roles and work with new and young directors, including her collaboration with directors Daniel Scheinert and Daniel Kwan on "Everything Everywhere All at Once" (2022), which earned her the Oscars.

Michelle Yeoh poses during a press conference at the Busan International Film Festival held at the Busan Cinema Center in the southeastern city of Busan on Oct. 7, 2026. (Yonhap)

In fact, she said she was drawn to her role in "It's My Time" because of the challenge of playing an old woman and conveying the message that there is always a possibility of new opportunities at any age.

But even for Yeoh, building a career in Hollywood was not an easy task.

The actor recalled how she was initially shocked at being labeled as a "minority" and was later frustrated over how she kept being offered stereotypical roles for Asian women like working at a Korean restaurant or a Chinese laundromat, even after her breakthrough appearance in the James Bond movie "Tomorrow Never Dies" (1997).

Against such a backdrop, winning Best Actress at the Oscars felt like a "dream," Yeoh said, as she credited iconic Korean actor Youn Yuh-jung, the first Asian to win Best Supporting Actress at the Academy Awards, for inspiring her.

"She opened the door for me to believe that it is a possibility," Yeoh said, as she encouraged more Asian filmmakers and actors to continue to tell their stories.

"The possibility is definitely there and we have to aspire to not just make it a one-off, because we have so many amazing stories to tell and I think especially the Korean movies have been doing so extraordinarily well and you are a good example to follow," she added, mentioning Korean auteurs, including Lee Chang-dong, Park Chan-wook and Bong Joon-ho.

Michelle Yeoh speaks during a press conference at the Busan International Film Festival held at the Busan Cinema Center in the southeastern city of Busan on Oct. 7, 2026, as she holds a Rubik's Cube. (Yonhap)

Yeoh, whose acting career spans more than four decades, said cinema is an indispensable part of her life that has taken her to different parts of the world and let her step into the shoes of other people.

"I think cinema is so very much part of my life that I don't know what I would do without it," she said.

She noted how the world of today has so many distractions and different platforms for audiences to choose from, while still touting the enduring power of cinema.

"I hope cinema will always be there because that is the moment that you have for yourself to be honest," the actor said.

"When you take that time to watch that one film, it is a choice of your own and for that two hours, you can shut out the rest of the world and give yourself those two hours to enjoy something that you have picked."

Michelle Yeoh walks the red carpet at the Busan International Film Festival opening ceremony at the Busan Cinema Center in the southeastern city of Busan on Oct. 6, 2026. (Yonhap)