Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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 possible and normalise the country.”
He 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.
Yoon asked the South Korean people to believe 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 budget, a move seen as an attempt to rein in the presidency.
Accusing Yoon of authoritarian tendencies, the left-wing parties focused their proposed cuts on the office of the president, national prosecutors and the police.
The South Korean currency slumped to a two-year low on Tuesday after the declaration. The won was down 1.4 per cent against the dollar to 1423.9, its weakest level since November 2022.
Yoon’s right-wing People Power Party suffered a resounding defeat at the hands of the left in parliamentary elections in April. The president has also clashed with the PPP leader Han Dong-hoon over the past year, increasing his isolation.
After the declaration of martial law, Han joined the opposition in denouncing Yoon’s move.
This is a developing story