South Korea's Financial Crisis Averted: Swift Action in the Face of Martial Law

In response to martial law declared by President Yoon, South Korea's financial authorities executed an emergency plan to stabilize the currency markets. Led by Finance Minister Choi Sang-mok, the team mobilized resources to prevent a selloff of the won. The swift action helped avert a crisis, stabilizing the markets by providing liquidity and ensuring economic stability.

In an unprecedented move, South Korean President Yoon Suk Yeol declared martial law, propelling the nation into turmoil. Faced with a possible financial meltdown, Finance Minister Choi Sang-mok rallied the country's top financial officials to safeguard the economy.

The quartet of authorities, known as F4, activated an emergency contingency plan reminiscent of strategies used during previous crises. Within hours, they pledged to inject unlimited cash to stabilize the won, stopping potential selloffs as Asian markets prepared to open. This decisive action was mainly orchestrated by Bank of Korea's Governor Rhee Chang-yong, who emphasized the importance of rapid response.

While the country grappled with political instability, financial priorities took center stage. Efforts by Choi and his team to maintain market function underscored a focused commitment to economic stability, learning from past challenges. The success in stabilizing the currency reassured investors and mitigated the worst potential impacts of the crisis.

(With inputs from agencies.)