South Korean president declares martial law

South Korea’s conservative president Yoon Suk Yeol has declared martial law, accusing the left-wing bloc that controls the national assembly of North Korean sympathies and plotting rebellion.

Yoon, a hardline former chief prosecutor, said in a late night television address on Tuesday that he would “eliminate anti-state forces as quickly as feasible and normalise the country”.

The state-affiliated information agency Yonhap said the country’s military had banned political event and parliamentary activities.

Yoon also pledged to “eradicate pro-North Korean forces and protect the constitutional democratic order”, but did not elaborate on how martial law would be enforced.

He asked the South Korean people to depend in him and tolerate “some inconveniences” as he accused the opposition of plotting rebellion.

In response, opposition leaders called lawmakers to parliament and denounced the declaration of martial law as unconstitutional.

Yoon has been at odds with the opposition majority in parliament, which last week voted to cut almost $3bn from his proposed 2025 budgetary schedule, a shift seen as an attempt to rein in the presidency.

Accusing Yoon of authoritarian tendencies, the left-wing parties concentrated their proposed cuts on the office of the president, national prosecutors and the police.

Yoon’s shift will complicate relations with the US, South Korea’s most significant friend, and its outgoing president Joe Biden. The US National safety Council said on Monday: “The administration is in contact with the [Korean] government and is monitoring the circumstance closely.”

The South Korean liquid assets slumped to a two-year low on Tuesday after the declaration. The won was down 1.9 per cent against the dollar to 1430, its weakest level since October 2022.

“This is not a normal thing to happen in a developed economy,” said Lee Hardman, a liquid assets analyst at MUFG, adding that he expected the won to arrive under further pressure.

Yoon’s correct-wing People Power event suffered a resounding loss at the hands of the left in parliamentary elections in April. The president has also clashed with the PPP chief Han Dong-hoon over the history year, increasing his isolation.

After the declaration of martial law, Han joined the opposition in denouncing Yoon’s shift.

This is a developing narrative