South Korean lawmakers on Wednesday called for the impeachment of President Yoon Suk Yeol after he declared martial law only to reverse the move hours later, triggering the biggest political crisis in decades in Asia’s fourth-largest economy.
The surprise declaration late on Tuesday ignited a standoff with parliament which rejected his attempt to ban political activity and censor the media, as armed troops forced their way into the National Assembly building in Seoul.
A coalition of lawmakers from opposition parties said they planned to propose a bill to impeach Yoon on Wednesday which should be voted within 72 hours.
“The parliament should focus on immediately suspending the president’s business to pass an impeachment bill soonest,” Hwang Un-ha, one of the MPs in the coalition, told reporters.
Yoon’s chief of staff and senior secretaries offered to resign en masse, a presidential official said.
Yoon told the nation in a TV address that martial law was needed to defend the country from nuclear-armed North Korea and pro-North anti-state forces, and protect its free constitutional order, although he cited no specific threats.
Chaotic scenes ensued as helmeted troops climbed into the parliament building through smashed windows and military helicopters hovered overhead. Parliamentary aides sprayed fire extinguishers to push the soldiers back, and protesters scuffled with police outside.
The military said activities by parliament and political parties would be banned, and that media and publishers would be under the control of the martial law command.
But within hours of the declaration, South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion requiring martial law be lifted, including all 18 members present from Yoon’s party. The president then rescinded the declaration.
Protesters outside the National Assembly shouted and clapped. “We won!” they chanted, and one demonstrator banged on a drum.
More protests are expected on Wednesday with South Korea’s largest union coalition, the Korean Confederation of Trade Unions, planning to hold a rally in Seoul and vowing to strike until Yoon resigns.
The U.S. embassy urged U.S. citizens in South Korea to avoid areas where protests were taking place, while some major employers including Naver Corp (035420.KS),and LG Electronics Inc (066570.KS), opens new tab advised employees to work from home.
Financial markets were volatile with South Korean stocks (.KS11), falling around 2% early on Wednesday, while the won steadied to trade around 1,418 to the dollar, having plunged to a two-year low.
Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency meetings overnight and the finance ministry promised to prop up markets if needed.
“We will inject unlimited liquidity into stocks, bonds, short-term money market as well as forex market for the time being until they are fully normalised,” the government said in a statement.
South Korea’s foreign exchange authorities were suspected of selling U.S. dollars on the onshore market early on Wednesday to limit a decline in the won, two dealers said.
DODGED A BULLET
The main opposition Democratic Party called for Yoon, who has been in office since 2022, to resign or face impeachment over the martial law declaration, the first in South Korea since 1980.