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A television screen shows a news broadcasting of South Korean President Yoon Suk Yeol delivering a speech on emergency martial law, in Goyang, northwest of Seoul, on December 3, 2024.
Jung Yeon-je | Afp | Getty Images
South Korea's won on Tuesday fell sharply against the U.S. dollar shortly after President Yoon Suk Yeol declared a state of emergency.
The U.S. dollar was last seen trading up 1.9% against the won, which notched a fresh two-year low on the news.
Speaking during an unannounced televised briefing, South Korea's Yoon accused opposition lawmakers of controlling the parliament and throwing the country into a political crisis.
It wasn't immediately clear how the emergency measure would influence the country's governance and democracy over the coming weeks.
The MSCI South Korea ETF fell more than 4% on the news, notching a new 52-week low, while the Franklin FTSE in South Korea slipped 3%.
U.S.-listed shares of Korean-based firms were also lower. Shares of Coupang and Posco Holdings were both off around 6%, while KT Corp and KB Financial slipped 3% and 1%, respectively.
Yoon assumed office in May 2022 shortly after winning the presidential election by the narrowest margin in the country's history.
His foreign policy stance has been dominated by a hardline stance on North Korea, while seeking to strengthen ties with the U.S. and Japan.
This is a breaking news story, please check back later for more.
