South Korean President Yoon Suk Yeol has taken a surprise step towards imposing martial law in the country for the first time in over 40 years. The move was made in response to opposition attempts to paralyze his administration. However, he quickly reversed course and lifted the martial law declaration just as swiftly.
The announcement sent shockwaves through South Korea’s foreign-traded assets and caught global markets off guard. At one point, US Treasury yields dropped as investors sought safety from potential instability. Yoon made the decision in an emergency address to the nation, leaving voters, lawmakers, and investors stunned by the sudden move.
Source: https://www.bloomberg.com/news/articles/2024-12-03/south-korean-stocks-tumble-won-drops-as-martial-law-declared