On December 3, 2024, news of South Korean President Yoon Seok-yeol’s speech on emergency martial law was broadcast on the TV screen in Goyang City, northwest of Seoul.
Jung Yeon-je | AFP | Getty Images
South Korea won The U.S. dollar fell sharply against the U.S. dollar on Tuesday, shortly after the election of President Yoon Suk Yeol A state of emergency was declared.
this Dollar In the latest news, the exchange rate rose 1.9% against the Korean won, hitting a two-year low.
Speaking at an unannounced televised briefing, South Korea’s Yoon accused opposition lawmakers of taking control of parliament and plunging the country into a political crisis.
Negotiations between South Korea’s conservative People’s Power Party, led by Yoon, and the liberal opposition Democratic Party on the 2025 budget bill have reached an impasse.
It is unclear how the emergency measures will affect the country’s governance and democracy in the coming weeks.
Affected by this news, the MSCI Korea ETF fell more than 4%, hitting a 52-week low, and the Franklin FTSE Korea Index fell 3%.
U.S.-listed shares of South Korean companies also fell. shares Cupang and POSCO Holdings Both fell by about 6%, while Korea Telecom Corporation and KB Finance fell 3% and 1% respectively.
Yoon took office in May 2022, shortly after winning the presidential election by the narrowest margin in the country’s history.
His foreign policy stance has centered on taking a tough stance on North Korea while seeking to strengthen ties with the United States and Japan.
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