Martial Law Crisis: South Korea's Midnight Currency Defense

South Korea faced a severe crisis as President Yoon Suk Yeol declared martial law. Finance Minister Choi Sang-mok prioritized currency defense, leading emergency meetings with top financial authorities. Utilizing a past crisis playbook, swift actions helped stabilize markets amidst panic, with martial law quickly overturned in just six hours.

South Korea plunged into turmoil as President Yoon Suk Yeol declared martial law, driving Finance Minister Choi Sang-mok to prioritize an emergency defense of the nation's currency. The unexpected declaration pushed Choi, against Yoon's martial law proposal, to quickly organize an emergency meeting with elite financial leaders at the Seoul Bankers Club.

Under the coordination of Choi, Korea's top financial authorities, often referred to as F4, activated an established crisis strategy geared to prevent a massive selloff of the won as Asian markets prepared to wake. The Bank of Korea spearheaded stabilization efforts, with an announcement pledging unlimited cash injections to affirm market steadiness.

Choi's tactical maneuvers proved crucial; martial law was invalidated by parliament within six hours, and the financial markets, though initially destabilized, began to recover. By morning, governmental financial strategies included a $7.06 billion fund to stabilize the stock market, mitigating broader economic impacts and reasserting control over the volatile situation.

(With inputs from agencies.)