Investors weathered a geopolitical whirlwind on Tuesday — with a declaration of martial law by South Korea’s president sparking flows into haven assets, sinking the country’s currency and raising concerns about political unrest in a country that’s a key U.

At his confirmation hearing three months ago, South Korea's defence minister Kim Yong-hyun rejected accusations from the opposition that he wanted to impose martial law. It was, the conservative hardliner said,

South Korean lawmakers began impeachment proceedings against President Yoon Suk Yeol on Tuesday after he briefly imposed martial law and then reversed course on that decision just hours later. Yoon claimed martial law was necessary to protect the country from "North Korea's communist forces" and to "eliminate anti-state elements.