Yoon impeachment expected to ease uncertainty, stabilize market

Yonhap, Philippine News Agency

The parliament passed the motion to remove Yoon from office in a 204-85 vote Saturday following his short-lived martial law declaration on Dec. 3. (File photo: 윤석열/Facebook)

SEOUL – The National Assembly’s decision to impeach President Yoon Suk Yeol is expected to help remove some of the uncertainties that have hit the financial and foreign exchange markets since Yoon’s shocking martial law declaration, experts said Saturday.

The parliament passed the motion to remove Yoon from office in a 204-85 vote Saturday following his short-lived martial law declaration on Dec. 3.

“Now that the impeachment motion is passed, the market is expected to be somewhat stable as uncertainties from the political side have very much been eased,” Lee Kyung-min, an expert from Daishin Securities, said.

Following the martial law declaration, the stock market tumbled to a yearly low and the Korean won fell sharply to well below 1,400 won against the U.S. dollar.

The stock market has nearly recovered after financial authorities vowed to inject unlimited liquidity and implement additional measures in a bold and swift manner, if needed.

“Last week’s failure to impeach Yoon had stoked fears among investors about how things may unfold. Market concerns are often eased when the political process enters a phase widely anticipated by the market,” Kwak Byung-yeol, a researcher at Leading Investment Securities, said. (Yonhap)