South Korea suddenly imposed a curfew late at night, and safe-haven assets surged

2024-12-03 22:24:07

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ChainCatcher news, according to Jinshi reports, members of South Korea's opposition party stated that the entrance to the National Assembly has been blocked as they attempt to overturn the martial law declared by President Yoon Suk-yeol. Opposition leader Lee Jae-myung stated that Yoon Suk-yeol's declaration of martial law is illegal and unconstitutional. He mentioned that military personnel may attempt to arrest lawmakers.

The Korean won fell about 1% against the US dollar, reaching a two-year low. The USD/JPY pair fell below 149, hitting a new low for October. This news caught the market off guard, triggering buying in bonds and the yen. Market participants are wondering whether this is a budgetary issue or something worse. After a decline in US Treasury yields, a slight pullback occurred.

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Tracking the Political Crisis in South Korea

South Korean President Yoon Suk-yeol suddenly announced the implementation of "emergency martial law" last night. The largest opposition party in South Korea stated that if Yoon does not step down immediately, they will advance impeachment proceedings. This topic will track and analyze the current political situation in South Korea and its impact on the cryptocurrency market.

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