South Korea Faces Financial Turmoil Amid Martial Law Declaration

South Korea's government is prepared to use all measures to stabilize its financial markets following President Yoon Suk Yeol's declaration of martial law. The Korean won has declined sharply, impacting investor confidence. Political wrangling over the nation's budget intensifies tensions amid the economic turmoil.

South Korea's finance minister announced on Wednesday the government's readiness to utilize all necessary measures to stabilize the financial markets following President Yoon Suk Yeol's emergency declaration of martial law.

The Korean won weakened to 1,430 per dollar and saw a significant loss against the yen. Meanwhile, South Korea's parliament voted to demand the lifting of martial law imposed by President Yoon.

Political discord continues over budget cuts proposed by the opposition Democratic Party, raising concerns over fiscal spending and investor confidence amidst cooling export growth. A subsequent emergency meeting among top officials has been scheduled.

(With inputs from agencies.)