South Korean President Declares Martial Law as Won Drops to Two-Year Low
South Korean President Yoon Suk Yeol declared emergency martial law in a surprise national address late Tuesday, citing the need to combat pro-North Korean forces and protect freedom and constitutional order. He accused the opposition of engaging in anti-state activities, including attempts to paralyze the administration with impeachment efforts.
The last time South Korea’s president declared martial law was in 1980 due to a nationwide student and labor union led uprising.
South Korean President Yoon Suk Yeol defended his imposition of martial law, accusing the opposition of “anti-state behavior aimed at inciting rebellion” and claiming they have “paralyzed state affairs” and turned the National Assembly into a “den of criminals.” He characterized the measure as essential to eradicate “pro-North anti-state forces” and to protect national freedom, safety, and sustainability for future generations. Yoon assured the public of efforts to minimize inconvenience caused by martial law and pledged to restore normalcy swiftly.
In response, the National Assembly, led by the opposition Democratic Party, voted Wednesday to demand the lifting of martial law. Under martial law, the military banned political protests nationwide, imposed media control, and ordered striking doctors back to work. The declaration followed opposition actions to pass a reduced budget and submit impeachment motions against key officials.
Opposition leader Lee Jae-myung called the move unconstitutional and against public interest. Financial markets reacted sharply, with the South Korean won dropping 2% to a two-year low, sovereign bond yields hitting a 2.5-year low, and equity ETFs falling by 5%. The Bank of Korea and finance ministry announced readiness to implement stabilization measures if necessary.
No reports have been issued regarding tanks or soldiers on the streets in the country’s capital of Seoul or elsewhere, which is a key US ally and home to 28,500 American troops.
