Summary
Thanks for following along with our live coverage of the extraordinary events in South Korea. It is 6pm in Seoul on Wednesday. Here is a recap of the past two tumultuous days in South Korean politics:
Seoul’s stock exchange closes down more than one percent after short-lived declaration of martial law. The Kospi composite index tumbled 1.44 percent while shares in the country’s biggest company Samsung Electronics finished down 0.93 percent.
Nato is monitoring the current situation in South Korea with secretary general Mark Rutte declaring the relationship with the East Asian country as ironclad.
Opposition parties have submitted a motion to impeach President Yoon Suk Yeol over his short-lived declaration of martial law.
Yoon is facing mounting calls to step down after he declared martial law in a surprise, late-night address on Tuesday, a severe measure he said was necessary to safeguard the country’s liberal democracy from “anti-state forces” and “threats posed by North Korea”. Within hours Yoon had backtracked, saying that troops would return to their barracks and the order would be lifted after a cabinet meeting. Even Yoon’s own aides have offered to resign “en masse”.
Yoon’s martial law order included a six-point decree that banned political activities and parties, “false propaganda”, strikes and “gatherings that incite social unrest”. The order also brought all media outlets under the authority of martial law and directed all medical staff, including striking doctors, to return to work within 48 hours.
The move was met with vociferous condemnation and widely defied. Despite the deployment of helicopters on the roof of the parliament building, 190 lawmakers managed to enter the building and proceeded to unanimously vote to reject Yoon’s declaration and call for martial law to be lifted. On the streets, hundreds protested, and chanted for the president to be arrested.
To successfully impeach Yoon, a two-thirds majority is required in the legislature. Opposition parties together control 192 of the 300 seats in the national assembly, so would need lawmakers from Yoon’s own party to join them.
This the first time that martial law has been declared in South Korea in more than four decades, alarming allies. The United States, which stations nearly 30,000 troops in South Korea to protect it from the nuclear-armed North, initially voiced deep concern at the declaration, then relief that martial law was over. The UK Foreign Office’s minister for the Indo-Pacific, Catherine West, issued a statement, calling for “a peaceful resolution to the situation, in accordance with the law and the constitution of the Republic of Korea”.
To many watching from outside, the sudden political chaos appears to have come out of nowhere. But inside South Korea, Democratic party lawmaker Kim Min-seok had warned in recent months that Yoon was gearing up to declare martial law. Korea analysts say concerns had grown after several key military positions, related to defence, counterintelligence, and information on North Korea had been filled by individuals who graduated from the same school as the president. Opposition figures such as Kim suggested these figures could play a critical role in enforcing martial law in a contingency.
For more on this topic you can read our full report, explainer and a history of martial law in South Korea.
Updated
South Koreans went to offices, businesses and schools as usual on Wednesday with scarcely any visible signs in the capital Seoul that six hours of surprise martial law and high political drama overnight had spilled into everyday life.
The city of 9million started the day normally with the usual morning rush hour in trains and on the streets after President Yoon Suk Yeol lifted his abortive attempt at banning political activities and censoring news media just before dawn.
But many were in shock at such a sudden turn of events, which pushed stocks down and South Korea’s currency to multi-year lows during a time of already faltering economic growth.
There have been more than a dozen instances of martial law being declared in South Korea since it became a republic in 1948, but the last time was more than four decades ago when general Chun Doo-hwan staged a coup and ruled from 1980 to 1988.
Seoul resident Gang He-Soo, 50, said she woke from sleep by chance and saw the news.
“At first, I was scared and very confused. I kept thinking, ‘What is going on? Is this something that could actually happen in this era?’ I couldn’t sleep until the martial law was lifted because I was so frightened,” Gang said, walking in Seoul’s main commercial and tourist district Gwanghwamun.
Yoon declared martial law in a live TV address at around 10.30pm on Tuesday, only to reverse course after parliament defied police and special forces cordons around the National Assembly to vote, forcing him to lift the declaration.
The president’s office said the declaration of martial law was done at night to “minimise damage to the national economy and people’s lives”.
South Korean soldiers, equipped with rifles, body armour and night-vision equipment, were seen entering the parliament building in Seoul through smashed windows, with helicopters hovered in the night sky above the building.
“It was an experience that I’ve only seen in movies, and I realised how much more serious it is than I had imagined,” said 39-year-old Seoul resident Kim Byeong-In, who said he was concerned about the impact on the economy.
“I’m deeply disturbed by this kind of situation, and I’m very concerned about the future of the country,” Kim said.
Many people said they stayed up late following the news, which stations continued to report despite Yoon declaring that media subject to martial law.
Nato is monitoring the current situation in South Korea with secretary general Mark Rutte declaring the relationship with the East Asian country as ironclad.
“We are following events in South Korea, we are interested in how the situation may develop further,” he said at a NATO meeting in Brussels.
“Our relationship with South Korea is key, our relationship with South Korea is ironclad,” he added.
Updated
Seoul’s stock exchange closes down more than one percent after short-lived declaration of martial law
The Kospi composite index tumbled 1.44 percent while shares in the country’s biggest company Samsung Electronics finished down 0.93 percent.
The Korean won, which tumbled to a two-year low around 1,444 per dollar on the declaration, pared its losses to sit around 1,410 in the afternoon.
Traders took heart from the country’s central bank and finance ministry saying they were ready to provide sufficient liquidity to financial markets to ensure stability to Asia’s number-three economy.
“As announced together with the government, it has been decided to temporarily supply sufficient liquidity until the financial and foreign exchange markets stabilise,” the Bank of Korea said.
It added that “the range of securities eligible for (repo) transactions and the target institutions will be expanded”.
Deputy prime minister Choi Sang-mok, who is also the minister of economy and finance, said financial authorities will keep international partners informed about developments.
“In order to ease concerns about our economic situation, we will closely communicate with international credit rating agencies, major countries such as the US, domestic economic organisations and financial markets, and share the situation,” he said.
Summary
Thanks for following along with our live coverage of the extraordinary events in South Korea. It is 4pm in Seoul on Wednesday. Here is a recap of the past two tumultuous days in South Korean politics:
Opposition parties have submitted a motion to impeach President Yoon Suk Yeol over his short-lived declaration of martial law.
Yoon is facing mounting calls to step down after he declared martial law in a surprise, late-night address on Tuesday, a severe measure he said was necessary to safeguard the country’s liberal democracy from “anti-state forces” and “threats posed by North Korea”. Within hours Yoon had backtracked, saying that troops would return to their barracks and the order would be lifted after a cabinet meeting. Even Yoon’s own aides have offered to resign “en masse”.
Yoon’s martial law order included a six-point decree that banned political activities and parties, “false propaganda”, strikes and “gatherings that incite social unrest”. The order also brought all media outlets under the authority of martial law and directed all medical staff, including striking doctors, to return to work within 48 hours.
The move was met with vociferous condemnation and widely defied. Despite the deployment of helicopters on the roof of the parliament building, 190 lawmakers managed to enter the building and proceeded to unanimously vote to reject Yoon’s declaration and call for martial law to be lifted. On the streets, hundreds protested, and chanted for the president to be arrested.
To successfully impeach Yoon, a two-thirds majority is required in the legislature. Opposition parties together control 192 of the 300 seats in the national assembly, so would need lawmakers from Yoon’s own party to join them.
This the first time that martial law has been declared in South Korea in more than four decades, alarming allies. The United States, which stations nearly 30,000 troops in South Korea to protect it from the nuclear-armed North, initially voiced deep concern at the declaration, then relief that martial law was over. The UK Foreign Office’s minister for the Indo-Pacific, Catherine West, issued a statement, calling for “a peaceful resolution to the situation, in accordance with the law and the constitution of the Republic of Korea”.
To many watching from outside, the sudden political chaos appears to have come out of nowhere. But inside South Korea, Democratic party lawmaker Kim Min-seok had warned in recent months that Yoon was gearing up to declare martial law. Korea analysts say concerns had grown after several key military positions, related to defence, counterintelligence, and information on North Korea had been filled by individuals who graduated from the same school as the president. Opposition figures such as Kim suggested these figures could play a critical role in enforcing martial law in a contingency.
For more on this topic you can read our full report, explainer and a history of martial law in South Korea.
Finance ministry ready to deploy 'unlimited' liquidity to ensure market stability
South Korea’s finance ministry has said it stood ready to deploy “unlimited” liquidity into financial markets after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows, Reuters reports.
The announcement came after finance minister Choi Sang-mok and Bank of Korea governor Rhee Chang-yong held emergency talks overnight, and as the central bank board abruptly met to approve rescue measures for the local credit market.
While financial markets found their footing in Wednesday trade, with the won higher and stocks trimming some losses, investors remain wary about longer-term political stability in South Korea, which has been seeking to make its markets more global.
Cryptocurrency prices plummeted sharply on major South Korean exchanges, with bitcoin down as much as 30%, before quickly recovering in response to the overnight news.
“All financial, FX markets as well as stock markets will operate normally,” the government said in a statement.
CCTV footage shows events in parliament after martial law declared
A clearer picture of events in parliament last night after President Yoon’s sudden martial law declaration can be seen in new CCTV footage.
Within the parliament building, staffers used sofas and fire extinguishers to block soldiers armed with assault rifles and night-vision goggles from entering South Korea’s national assembly, CCTV footage released on Wednesday showed, as reported by AFP.
Shortly after Yoon’s declaration, helicopters ferried the heavily armed troops into the compound of South Korea’s parliament, the footage showed.
Other soldiers climbed over perimeter fences after midnight, Kim Min-ki, secretary general of the assembly, told reporters at a briefing, adding that they then smashed windows to enter the building in what he called an “unconstitutional and illegal” invasion.
“We will identify the physical damages and losses caused by the declaration of martial law and hold those responsible accountable through legal action,” he said.
Updated
South Korean opposition parties file motion to impeach president
South Korean opposition parties said on Wednesday they had submitted a motion to impeach President Yoon Suk Yeol over his short-lived declaration of martial law, according to a report by AFP.
“We’ve submitted an impeachment motion prepared urgently,” representatives for six opposition parties including the main Democratic Party said at a live press briefing, adding they would discuss when to put it to a vote, but it could come as soon as Friday.
Updated
President's office defends rationale and legality of martial law declaration
South Korean President Yoon Suk Yeol’s office has said that his declaration of martial law late on Tuesday was justified and within the bounds of the constitution, Reuters reports.
It denied that martial law forces had interfered with lawmakers’ access to parliament.
Yoon reversed the order hours later after parliament rejected his attempt to ban political activity and censor the media.
South Korean opposition parties to submit bill calling for Yoon's impeachment – report
Six South Korean opposition parties planned to submit a bill early on Wednesday afternoon calling for President Yoon Suk Yeol’s impeachment, Yonhap reported.
A vote on the bill may be held on 6 or 7 December, Yonhap added.
Updated
Yoon's popularity had plummeted before he enacted martial law
President Yoon Suk-yeol, a conservative former prosecutor, was first elected in 2022 by a very narrow margin.
But since then his popularity has tumbled, with positive ratings barely over 10%.
As the Guardian’s Julian Borger writes, Yoon’s sudden enactment of martial law appears to be an act of desperation.
“Yoon’s short-lived declaration of martial law appears to have been a desperate gamble in the face of rock-bottom public popularity – with positive ratings barely over 10% – in the midst of a doctors’ strike and staunch political opposition, increasingly including his own People Power party, whose leader, Han Dong-hoon, said the move was a ‘wrong move’.
More analysis from Julian on the events here:
Protests in Seoul
Protests are already underway in Seoul, with South Koreans urging the president to resign.
Protesters held placards reading: “Restore Democracy” and “Resign Yoon”.
Lawmakers and opposition members have also gathered outside the national assembly.
“Step down President Yoon Suk Yeol” and “Investigate his act of rebellion immediately” are among other messages being seen on the streets of Seoul today.
President Yoon’s face on another protest poster held outside the national assembly.
Updated
More protests in Seoul, as lawmakers rally against Yoon
As President Yoon faces mounting calls to resign, a coalition of lawmakers have threatened to impeach him if he doesn’t. They say they are planning a bill to this effect, which will be voted on within 72 hours.
“The parliament should focus on immediately suspending the president’s business to pass an impeachment bill soonest,” Hwang Un-ha, one of the MPs in the coalition, told reporters on Wednesday, as reported by Reuters.
The leader of Yoon’s ruling People Power Party has also called for Defence Minister Kim Yong-hyun to be fired, and the entire cabinet to resign.
Meanwhile, more protests are expected on Wednesday with South Korea’s largest union coalition, the Korean Confederation of Trade Unions, planning to hold a rally in Seoul. The union, Reuters reported, has vowed to strike until Yoon resigns.
A history of martial law and coups in South Korea
Only becoming a democracy in the late 1980s, military intervention in civilian affairs remains a touchy subject in South Korea.
Yoon’s sudden declaration last night marked the first time martial law had been enacted in the country in more than four decades.
Interested in the history of martial law in South Korea, then this piece is for you:
Opening summary
Thanks for joining our ongoing live coverage of the political turmoil unfolding in South Korea following President Yoon Suk Yeol’s sudden and short-lived declaration of military law overnight.
Here is a quick recap of the dramatic events.
President Yoon is facing mounting calls to step down after he declared martial law in a surprise, late-night address on Tuesday, a severe measure he said was necessary to safeguard the country’s liberal democracy from “anti-state forces” and “threats posed by North Korea”. Within hours Yoon had backtracked, saying that troops would return to their barracks and the order would be lifted after a cabinet meeting.
The main opposition Democratic party has said it will attempt to impeach Yoon if he refuses to tender his resignation immediately. Even Yoon’s own aides have offered to resign “en masse”.
Yoon’s martial law order included a six-point decree that banned political activities and parties, “false propaganda”, strikes and “gatherings that incite social unrest”. The order also brought all media outlets under the authority of martial law and directed all medical staff, including striking doctors, to return to work within 48 hours.
The move was met with vociferous condemnation and widely defied. Despite the deployment of helicopters on the roof of the parliament building, 190 lawmakers managed to enter the building and proceeded to unanimously vote to reject Yoon’s declaration and call for martial law to be lifted. On the streets, hundreds protested, and chanted for the president to be arrested.
To successfully impeach Yoon, a two-thirds majority is required in the legislature.
Opposition parties together control 192 of the 300 seats in the national assembly, so would need lawmakers from Yoon’s own party to join them.
This the first time that martial law has been declared in South Korea in more than four decades, alarming allies. The United States, which stations nearly 30,000 troops in South Korea to protect it from the nuclear-armed North, initially voiced deep concern at the declaration, then relief that martial law was over. The UK Foreign Office’s minister for the Indo-Pacific, Catherine West, issued a statement, calling for “a peaceful resolution to the situation, in accordance with the law and the constitution of the Republic of Korea”.
To many watching from outside, the sudden political chaos appears to have come out of nowhere. But inside South Korea, Democratic party lawmaker Kim Min-seok had warned in recent months that Yoon was gearing up to declare martial law. Korea analysts say concerns had grown after several key military positions, related to defence, counterintelligence, and information on North Korea had been filled by individuals who graduated from the same school as the president. Opposition figures such as Kim suggested these figures could play a critical role in enforcing martial law in a contingency.
Updated
