Geopolitical tension in Asia is reheated as South Korean President Yoon Suk Yeol declared martial law in a broadcast live on YTN on December 3, 2024.

"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate pro-North Korea anti-state forces that deprive our people of freedom and happiness, and to protect the free constitutional order," Yoon said.

Today is the first time of martial law declaration since the last time South Korea declared martial law was in 1980s. Yonhap News Agency reported that military authorities will ban parliamentary and political party activities, placing media and publishers under military emergency command control.

Yoon did not specify who he considered pro-North Korea anti-state forces but mentioned that such forces had obstructed his agenda and undermined the country in the past.

The South Korean Won (KRW) immediately dropped against the US dollar. The central bank officially stated they are preparing measures to stabilize the market if necessary.

The White House did not immediately respond to requests for comment. Now there are about 28,500 troops of the United States have been deployed in South Korea to protect against attacks from North Korea.

President Yoon said he had no other option than to do this in order to preserve free and constitutional order, pointing at the opposition parties for halting parliament session and putting the country into turmoil.

"Tank, armored personnel carriers, and soldiers with guns and knives will take over this country," said Lee Jae-myung, leader of the opposition Democratic Party, which holds a majority in parliament, in a live online broadcast. "The economy of the Republic of Korea will collapse and become irreparable. Fellow citizens, please come to the National Assembly."

This article first appeared on GuruFocus.