Newspaper (Asia Pacific) News: The South Korean National Assembly voted 204 in favor, 85 against, 3 abstentions, and 8 invalid votes, reaching the threshold of 2/3 of the seats in the parliament. On Saturday (December 14), the impeachment of President Yoon Seok yeol was passed, as he had previously declared martial law and caused domestic unrest. After the impeachment vote, the Korean won and the South Korean stock market have become the focus, and may experience a sharp rebound.

A week ago, the impeachment motion against Yoon Seok yeol in the South Korean National Assembly was unsuccessful due to the collective absence of ruling party members from the vote. In the new round of impeachment, the ruling National Power Party allowed members of parliament to vote freely, which became a decisive measure for the impeachment case to gain a two-thirds majority.

After the impeachment case was passed, Yoon Seok yeol was suspended, and the final dismissal still needs to be confirmed by the South Korean Constitutional Court within 180 days. However, the 9-seat Constitutional Court currently has only 6 judges, which means that as long as one person votes against it, the impeachment case cannot be confirmed and Yin Xiyue can be reinstated to her original position.

After the impeachment case was passed, Yin Xiyue emphasized, "Although I have stopped now, the path to the future that I have walked with the people over the past two and a half years must not stop, and I will never give up

At present, the presidential functions of Yoon Seok yeol are temporarily assumed by 75 year old Prime Minister Han Di soo. Han Dezhu has stated in the first instance that he will do his utmost to ensure the orderly operation of national functions.

Bloomberg reported that the Korean won will become the focus of traders' attention as the recent political turmoil in the country has led to a significant decline in the Korean won. Since the implementation of martial law by Yoon Seok yeol on December 3rd (which was quickly lifted) and shocked the market, the South Korean won/US dollar exchange rate has fallen by over 2%. Last Friday, the Korean won/US dollar exchange rate closed at 1435.45.

The passage of the impeachment bill means that the worst period of political uncertainty for the Korean won has passed, and the market will eventually be able to judge its direction, "said So Jaeyong, an economist at New Korea Bank, before the vote. He added," This will help limit the decline of the Korean won/dollar to around 1444

The South Korean stock market has erased most of the losses caused by the martial law incident. Due to investors' expectations that Yoon Seok yeol may be dismissed, the benchmark Korean Composite Index rose 2.7% last week.

The performance of the South Korean stock market on Monday will demonstrate investors' confidence in this seemingly imminent but still ongoing political drama. The impeachment vote requires approval from the South Korean Constitutional Court, which has 180 days to make a decision. If the court finds the impeachment invalid, it can restore Yoon Seok yeol's position. The court has approved triggering the presidential election within 60 days.

The Bank of Korea pledged on Sunday to stabilize financial markets and stated that it expects market volatility to ease after the referendum. After the imposition of martial law, the exchange rate of the Korean won against the US dollar immediately plummeted. Policy makers quickly responded and vowed to take all possible measures to stabilize the market, but since then, the Korean won has been very fragile. When a local newspaper reported that Yoon Young chul was considering reintroducing martial law, the Korean won fell for a while and fell again after the parliament failed to pass an earlier impeachment bill.

As of last Friday, South Korea's 3-year bond futures have fallen 16 points to 106.78 points since December 2, while its 10-year bond futures have fallen 77 points to 119.25 points during the same period.