The day that South Korea will not forget for a long time

South Korean President Yoon Suk Yeol’s surprise declaration of martial law and its almost equally rapid lifting naturally triggered political whiplash across the country and around the world. It had, as one can imagine, a similar effect on markets, eventually sending U.S. Treasury yields lower as traders looked for a safe haven. So what exactly happened? In an emergency address delivered live to the nation, Yoon seized extraordinary powers and accused his political opposition of trying to paralyze his government and endanger the constitutional order. The abrupt decision and its almost immediate rejection by lawmakers came after months of deadlock in Parliament between his minority government and the main opposition party, the Democratic Party. The DP has been trying to push its own budget proposal through parliament and had filed an impeachment motion against the chief prosecutor after months of trying to bring Yoon’s wife to court. Yoon, meanwhile, cited the specter of pro-North Korean forces supposedly seeking to destabilize the country as part of his justification for martial law. But perhaps just as quickly as South Koreans expressed outrage at the power grab, the financial world delivered its verdict on the maneuver – and it was a thumbs down. “We shouldn’t be fooled,” said Daniel DePetris, a fellow at Defense Priorities. “This has nothing to do with North Korea and only with domestic politics.” Here you can find out how the crisis is affecting the markets.

Which countries? Would you imagine that they would be most likely to declare martial law? Some of the most memorable in Asia include Indonesia, Myanmar, Thailand and the Philippines. South Korea — a vibrant, firmly established democracy and strong U.S. ally — joined that list for a few brief hours on Tuesday, writes Karishma Vaswani Bloomberg Opinion. Yoon Suk Yeol’s shocking statement on Tuesday night risks jeopardizing the success achieved by decades of deep-rooted democracy. And while it was ultimately a cynical act of political survival, it can also be seen as another victory for the authoritarian forces in Beijing and Pyongyang.