South Korean President Yoon Suk Yeol declared emergency martial law, citing political opponents making the nation vulnerable. This unexpected move caused significant market disruption, with the South Korean won dropping to a more than two-year low against the U.S. dollar.
The declaration, which took effect at 11 p.m. local time on Tuesday, led to declines in South Korean stocks, including e-commerce company Coupang. The market reacted with uncertainty to the sudden imposition of military rule.
However, President Yoon Suk Yeol lifted the martial law declaration just hours later, around 4:30 a.m. local time on Wednesday, after the Parliament voted against the measure. This swift reversal aimed to restore stability and address the political turmoil.
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