South Korean President declares martial low “to clear out pro-North Korean elements” | Forexlive

South Korean President Yoon declares martial law:

• Says through martial law he will rebuild a free and democratic country
• Government administration has been paralyzed because of opposition party conducts
• Says he will eradicate pro-North forces and protect constitutional order

What is going on in South Korea? It’s 10:40 pm there and this was an unannounced broadcast.

South Korea’s main opposition Democratic Party called lawmakers into parliament. Yoon took office in 2022 but has struggled to push is agenda against an opposition-controlled parliament.

The Japanese yen is stronger on this and the US dollar climbed to a two-year high against the Korean won.

This seemingly came out of nowhere and Treasuries are bid now.

Opposition leader Lee Jae-myung said “Yoon declared martial law illegally and unconstitutionally against the people”. He said parliament may try to nullify the move but members of the military may try to arrest lawmakers.

Here are some details of what Yoon said:

“I am declaring martial law to eradicate pro-North Korean forces and protect the constitutional order of freedom.”

President Yoon stated, “Through this martial law, we will rebuild and protect the free Republic of Korea that is falling into national ruin,” adding, “For this, I will certainly eradicate the anti-state forces who have been the source of evil and national destruction until now.”

He emphasized, “This is an unavoidable measure to guarantee citizens’ freedom and safety, and the nation’s sustainability from the schemes of anti-state forces aiming to overthrow the system, and to pass on a proper country to future generations.”

He continued, “I will eradicate anti-state forces and normalize the country as soon as possible,” adding, “While the martial law declaration may cause some inconvenience to good citizens who believe in and follow the constitutional values of the free Republic of Korea, we will focus on minimizing these inconveniences.”

Now this is partly due to budget measures but calling opposition parties ‘pro North Korea’ is some dangerously inflammatory rhetoric and that surely won’t go over well.