South Korea crisis live: Opposition parties submit motion to impeach President Yoon

South Korea martial law LIVE: South Korean opposition parties file a motion to impeach President Yoon Suk Yeol following his brief imposition of martial law.

South Korea martial law LIVE: Protesters held signs reading "Step down President Yoon Suk Yeol" as people and lawmakers gathered at a rally condemning the South Korean President’s surprise declarations.

South Korea martial law LIVE: South Korean President Yoon Suk Yeol faced calls for his resignation on Wednesday following his brief attempt to impose martial law, which was rejected by lawmakers and sparked mass protests across the country.

Yoon's unexpected move to declare South Korea's first martial law in over 40 years threw the nation into one of its most significant crises in modern democratic history, leaving its close allies worldwide stunned.

South Korea martial law LIVE: Asian stocks declined as South Korea's brief imposition of martial law sparked political turmoil, catching global investors by surprise.

The Kospi Index dropped by as much as 2.3% on Wednesday, following overnight declines in South Korea-related assets. Markets in Hong Kong, mainland China, and Tokyo opened lower, while the won rebounded after earlier losses in offshore trading.

South Korean President Yoon Suk Yeol’s sudden martial law declaration on Tuesday—later rescinded—has raised questions about his political future. The unexpected move by a key global economy and trade hub added to investor caution in Asia, already weighed down by concerns over Donald Trump’s anticipated return and China’s economic challenges.

South Korea martial law LIVE: South Korea's main opposition party announced on Wednesday that it would move to impeach President Yoon Suk Yeol unless he resigns immediately, following his brief declaration of martial law overnight.

The Democratic Party stated in a statement, "If Yoon does not resign right away, we will begin impeachment proceedings in accordance with the people's will."

South Korea martial law LIVE: Japanese Prime Minister Shigeru Ishiba stated on Wednesday that Tokyo was closely monitoring the situation in South Korea with "exceptional and serious concerns" after the South Korean president declared and then revoked martial law overnight.

Ishiba also noted that Tokyo was unaware of "any information suggesting that Japanese citizens (living in South Korea) were injured."

South Korea martial law LIVE: South Korea’s currency strengthened, while its stocks declined in early trading on Wednesday, following President Yoon Suk Yeol’s brief declaration of martial law amid political tensions, which he quickly reversed just hours later.

The won surged by up to 1.1%, reaching 1,412.02 per dollar by 9:03 a.m. in Seoul, while the Kospi index fell by as much as 2%. Shares of Samsung Electronics, the country’s largest company, dropped 3%.

On Tuesday night, Yoon declared martial law for the first time in over 40 years. This led to a sharp drop in South Korea-related exchange-traded funds and the won, but both recovered after parliament moved to lift the decree and financial authorities pledged to provide “unlimited liquidity” to the markets if necessary.

South Korea martial law LIVE: South Korea's financial regulator announced on Wednesday its readiness to activate a 10 trillion won ($7.07 billion) stock market stabilization fund at any moment, Yonhap news agency reported.

South Korea martial law LIVE: The White House on Tuesday expressed "relief" over South Korean President Yoon Suk Yeol's decision to reverse his martial law declaration, AFP reported.

"We are relieved President Yoon has reversed course on his concerning declaration of martial law and respected the ROK National Assembly's vote to end it," a National Security Council spokesperson said, referencing South Korea's official name.

South Korea martial law LIVE: South Korea's finance ministry announced its readiness to provide "unlimited" liquidity to financial markets if necessary, following President Yoon Suk Yeol's decision to lift martial law, which had caused the won to hit multi-year lows.

The statement came after late-night emergency meetings involving Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong, with an extraordinary BOK meeting scheduled for 9 am local time (0000 GMT) on Wednesday.

"All financial, FX, and stock markets will function as usual," the government assured in its statement.

South Korea's main opposition party demanded that President Yoon Suk Yeol step down, accusing him of insurrection after he attempted to impose martial law, reported AFP.

"Even if martial law is lifted, it is impossible to avoid insurrection charges," Democratic Party floor leader Park Chan-dae said in a statement, adding: "He must step down".

Chants of "Arrest Yoon" and "Impeach Yoon" echoed through the night air in front of thick lines of policemen guarding the perimeter outside South Korea's parliament.

Protestors also waved banners with messages calling for Yoon's resignation, while others carried South Korean flags, reports AFP.

Cho Kuk, head of a minor opposition party, met protesters outside parliament and said: "This isn’t over. He put all the people in shock." He also vowed to impeach Yoon by putting together votes from other parties, according to Reuters.

South Korea's cabinet has lifted the martial law announced by President Yoon, Yonhap news agency reports.

South Korean President Yoon Suk Yeol says that the martial law would be lifted and troops withdrawn after the Cabinet meeting

"Just a moment ago, there was a demand from the National Assembly to lift the state of emergency, and we have withdrawn the military that was deployed for martial law operations. We will accept the National Assembly's request and lift the martial law through the Cabinet meeting," Yoon said in a televised address, according to Reuters.

South Korean President Yoon Suk Yeol says he will lift martial law after parliament voted to block it, reports Reuters. He adds that a cabinet meeting will be held soon as possible.

South Korea martial law LIVE: The largest umbrella union in South Korea declared its opposition to President Yoon Suk Yeol’s declaration of martial law, calling for a general strike to force him to reverse course, reports Bloomberg.

“We are here to curb the illegal declaration of martial law and also impeach President,” said Kim Jin Euk, head of Seoul office at the Korean Confederation of Trade Unions, Korea’s largest umbrella labor union with about 1.2 million members. “I can’t believe he is doing this crazy thing.”

South Korea martial law LIVE: The United States has said that it was given no warning by South Korea that President Yoon Suk Yeol would declare martial law in a country that is one of Washington's closest allies, according to Reuters.

"The US was not notified in advance of this announcement. We are seriously concerned by the developments we are seeing on the ground," a White House National Security Council statement said.

Immediately after South Korean President Yoon Suk Yeol declared martial law, the military chief called in key commanders for talks, according to AP.

South Korean troops set up barricades and then made their way into parliament. The leader of the main opposition, which controls parliament, ordered lawmakers to return to the building, where they eventually voted to lift the declaration of martial law.

US Deputy Secretary of State Kurt Campbell says the United States is watching events in South Korea with "grave concern" and hopes that any political disputes will be resolved peacefully and in accordance with the rule of law.

He stressed that the US alliance with South Korea was “ironclad” and added that the country stood by Korea in their time of uncertainty.

Some 28,500 US troops are stationed in South Korea to guard against the North.

South Korea martial law LIVE: British nationals in South Korea have been advised to avoid political demonstrations after the country’s president declared martial law.

The UK Foreign Office issued new travel advice warning British nationals to “follow the advice of local authorities” and “avoid political demonstrations”.

South Korea martial law LIVE: South Korean stocks tumbled after the country’s president declared martial law amid a deepening rift between the ruling party and its main opposition, according to Bloomberg.

The iShares MSCI South Korea ETF sank as much as 7.1% in US trading as of 11 a.m. New York time, its worst intraday drop since August 5, while London-listed shares of Samsung Electronics lost as much as 7.5%.

Police and military personnel were seen leaving the Assembly’s grounds after National Assembly Speaker Woo Won Shik called for their withdrawal.

Lee Jae-Myung, leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers will remain in the Assembly’s main hall until the president formally lifts his order, reports AP.

South Korea martial law LIVE: South Korean military officials said martial law will remain in effect until it is lifted by President Yoon Suk Yeol, despite the parliament's overwhelming vote to block it, reports AFP.

The martial law will "remain in place until lifted by the president", Seoul's military officials said, according to the news agency, which cited local broadcaster YTN and other local media reports.

South Korea martial law live: Hours after South Korean President Yoon Suk Yeol declared martial law in a bid to eliminate “anti-state” forces, the parliament voted to lift the declaration.

National Assembly Speaker Woo Won Shik declared that the martial law was “invalid” and that lawmakers “will protect democracy with the people”, according to the Associated Press.