South Korea's won plummets amid martial law tension
According to Bloomberg, the South Korean won has experienced a significant decline, now being the lowest-valued major currency on the market. This follows the declaration of martial law by President Yoon Suk Yeol, who accused the opposition of sympathising with North Korea and paralysing the government's operations in Seoul.
As reported by Bloomberg, the South Korean won is significantly losing value in the foreign exchange market against major currencies such as the US dollar, euro, and Japanese yen. It is currently the lowest-valued major currency.
"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," said Yoon in an impromptu speech broadcast live by YTN television.
He did not specify what concrete measures will be taken under martial law.
The President noted that the opposition Democratic Party, which holds the majority in parliament, has pushed for the impeachment of certain prosecutors and rejected the government's budget proposal.
The Democratic Party has called an extraordinary meeting of its members.
