Hundreds of protesters in Seoul called for the impeachment of South Korean President Yoon Suk Yeol after he attempted to impose martial law to squelch his critics. For the South Koreans, the political drama is a chilling reminder of that nation’s not so distant authoritarian past.

The main opposition Democratic Party called for Yoon Suk Yeol, who has been in office since 2022, to resign or face impeachment.

South Korean President Yoon Suk Yeol’s surprise declaration of emergency martial law lasted only six hours. But it has plunged South Korea – a key Asian economy and U.S. ally – into a political crisis that could last much longer.

South Korean stocks sank Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.

Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties.

By Ankur Banerjee SINGAPORE (Reuters) -Asian equities stumbled on Wednesday as traders contended with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later,