On the evening of Tuesday (December 3rd) local time in South Korea, President Yoon Suk yeol announced an emergency martial law, causing the Korean won to plummet to a two-year low and the US dollar/Korean won to reach a high of 1442.90. The South Korean military allows arrests without a warrant, the police block the entrance and exit of the National Assembly, and medical personnel are required to return to work within 48 hours. According to British media reports, the Biden administration is closely monitoring the situation.

CNBC reported that the MSCI Korea ETF fell more than 4% due to emergency martial law news, hitting a new 52 week low, while the South Korean Franklin FTSE index fell 3%.

(Source: Trading View)

Yoon Seok yeol announced the implementation of emergency martial law in an unannounced late night television speech and accused the main opposition party in South Korea of sympathizing with North Korea and engaging in anti state activities. He did not disclose what measures would be taken, citing a motion from the opposition party, the Common Democratic Party, which holds a majority in Congress, aimed at impeaching the Supreme Prosecutor and vetoing the government budget proposal.

He said, "In order to safeguard a free South Korea from the threat of North Korean forces and eliminate anti national forces... I hereby declare the implementation of emergency martial law

The South Korean military announced the suspension of all parliamentary activities, with a large number of police entering Seoul and blocking the entrance and exit of the parliament. As the leader of the opposition Democratic Party, Lee Jae ming called on the public to go to Congress and protect it.

South Korean lawmaker Hong Ki won said that currently, about 70 opposition members are inside the parliament, while the remaining members are gathering outside the parliament.

He pointed out that the Speaker will request a vote to lift martial law upon arrival. He added that he was informed that special forces soldiers were inside the parliament building. It is currently unclear what these soldiers are doing.

The Guardian, citing Yonhap News Agency, reported that after South Korea entered emergency martial law, those who violated the order could be arrested without a warrant.

(Source: The Guardian)

In addition, all media and publishers will be subject to martial law orders and activities. And, as we previously reported, parliamentary activities are also prohibited.

The statement also added that medical staff, including interns, have been required to return to work within 48 hours.

A spokesperson for the US National Security Council told BBC's US partner CBS that the Biden administration is in contact with the South Korean government and is closely monitoring the situation.

(Source: BBC)