South Korean President Yoon survives impeachment motion after ruling party boycotts vote

Embattled South Korean President Yoon Suk Yeol on Saturday survived an impeachment motion triggered by his failed attempt to impose martial law earlier this week after his ruling party boycotted the vote, according to the agency South Korean press Yonhap.

The motion, tabled by opposition politicians including the main Democratic Party, needed the support of two-thirds of South Korea's 300-member National Assembly to pass. Allied lawmakers withdrew before Saturday's vote, making it impossible to reach the quorum required for the impeachment vote.

Opposition members have already said they will revisit the impeachment measure on Wednesday, if it fails on the first try.

If successful, the motion would have stripped Yoon of his presidential authority with immediate effect. A presidential election should take place within 60 days if the incumbent president is removed or resigns.

A second bill on the special counsel's investigation into first lady Kim Keon Hee, who was recently accused of exercising improper influence, failed to pass in Saturday's vote, Reuters reported.

South Korea is no stranger to such procedures, since two heads of state have already been removed since the turn of the century: Roh Moo-hyun in 2004 and Park Geun-hye in 2016.

Yoon, who came to power in a neck and neck presidential race in 2022, had an approval rate of only 19% before unexpectedly invoking martial law earlier this week for the first time since the 1979 military coup.

He cited the need to “protect the constitutional order based on freedom and eradicate the shameful pro-North Korea anti-state groups, which steal our people's freedom and happiness.” according to reports from NBC News.

With 190 members in attendance and protesters taking to the streets, the country's parliament passed a resolution to lift martial law – a real political boost. bled on the markets of Asia's fourth-largest economy. Financial Services Commission of South Korea said it was prepared to deploy a total of 50 trillion won ($35.22 billion) in funds to stabilize domestic stock and bond markets if necessary, amid volatility.

Speaking on CNBC's “Street Signs Asia” on Friday, Adarsh ​​Sinha, co-head of Asia rates and FX strategy at BofA Securities, warned that the Korean won could see “big moves ” after the weekend vote, but stressed that the currency was also under pressure. pressure for fundamental reasons, such as the likelihood of a rate cut by the Bank of Korea.

“I think, generally speaking, our view on the Korean won, not for political reasons, is bearish,” he said.

Reminiscent of South Korea's past of military rule, the short-lived martial law fiasco paralyzed domestic politics and raised international concerns about one of Asia's strongest democracies.

Han Dong-hoon, head of the ruling People Power Party, called for Yoon's suspension from office, saying he fears the president will again take a “radical” step such as reimposing the law martial. according to Yonhap.

New Acting Defense Minister Kim Seon-ho, who took over on Thursday following the resignation of his predecessor Kim Yong-hyun, said he would not obey such orders.

On Saturday, Yoon made his first public appearance since Tuesday's incident, promising that there would be no second attempt to invoke martial law.

“I am sincerely sorry and I apologize to the people who must have been very surprised,” Yoon said in a televised public address, according to Yonhap. “I will not escape the legal and political responsibility linked to this declaration of martial law.”