South Korean President Yoon Suk Yeol revoked his martial law declaration early Wednesday, backing down after parliament voted to overturn the measure in a dramatic showdown that rattled markets and drew U.S. concern.
The crisis, which began with Yoon’s surprise late-night televised announcement Tuesday citing threats from “anti-state forces,” sent the won tumbling more than 2.5% against the dollar. Finance Minister Choi Sang-mok pledged unlimited liquidity to stabilize markets.
U.S. Deputy Secretary of State Kurt Campbell said Washington was watching events with “grave concern.” The State Department confirmed it wasn’t informed of Yoon’s plans beforehand.
The president’s move marked the first martial law declaration since South Korea’s democratic transition in the late 1980s. Troops briefly entered the National Assembly before withdrawing after lawmakers voted to end the emergency measures, as allowed under the constitution.
Han Dong-hoon, leader of Yoon’s own People Power Party, opposed the declaration, highlighting the president’s isolation. The crisis adds pressure on Yoon, who faces impeachment calls over an influence-peddling scandal involving his wife.
Crowds gathered outside parliament celebrating the vote, with some demanding Yoon’s arrest. The events risk further damaging Yoon’s already low approval ratings ahead of April’s parliamentary elections
