The South Korean won rose after falling from a two-year low of 1,442.0 won overnight after Yoon’s surprise declaration of martial law.
South Korea’s Finance Ministry said on Wednesday it was ready to deploy “unlimited” liquidity into financial markets after President Yeon Suk-yeol lifted his martial law declaration overnight that had pushed the won to multi-year lows.
The announcement came after Finance Minister Choi Sang-mok and Bank of Korea Governor Ri Chang-yong held emergency talks overnight, and as the central bank’s board suddenly met to approve rescue measures for the domestic credit market.
While financial markets found their footing in Wednesday trading, with the won rising and stocks paring some losses, investors remain cautious about longer-term political stability in South Korea, which is seeking to make its markets more global.
South Korea’s parliament, with 190 of its 300 members present, unanimously passed early Wednesday a motion to lift martial law.
