SEOUL, South Korea — South Korea’s main opposition party announced that it would seek to impeach President Yoon Suk Yeol after he shocked the nation by briefly imposing martial law.

The Democratic Party will pursue charges of treason and impeachment against Yoon, as well as South Korea’s defense minister and safety minister, for declaring martial law illegally, the party said in a statement on Wednesday.

Yoon’s abrupt imposition of martial law on Tuesday night prompted lawmakers to race to parliament to reverse his order. While the president rescinded the move early Wednesday just a matter of hours after making the decree, his move immediately prompted anger from the public and from his own party as he now faces widespread calls to resign.

Yoon’s gamble late Tuesday to assert his authority over an increasingly uncooperative parliament blindsided the nation, his own People Power Party and global allies including the U.S. It also whipsawed investors and prompted reassurances from monetary authorities that they would provide help in markets if needed.

The chairman of the Joint Chiefs of Staff says the military will prioritize its role of protecting the people, Yonhap said, in a possible indication that the armed forces will not get directly involved in the political wrangling ahead.

Yoon “is now doomed to face impeachment,” said Rory Green, an economist at research firm TS Lombard. A presidential election will then be held, probably early in the second quarter of 2025, he said, and the opposition Democratic party will be “strong favorites” to win.

South Korea’s won, Asia’s worst performing currency this year, stabilized on Wednesday after plunging more than 3% shortly after initial news of the martial law decree broke on Tuesday. Stocks were hammered at the open, before recovering some of the losses by later morning to trade down 1.8%.

The imposition of martial law by Yoon, 63, was a high-stakes gamble he claimed would prevent the opposition from trying to paralyze his administration amid a political rift that will now focus on his departure and what action may be taken against him. Lawmakers quickly gathered at parliament to vote down the move with protesters offering support as soldiers arrived at the building.

Shortly after 4 a.m. Seoul time, Yoon said in a televised address that he would “accept the National Assembly’s demand and lift the martial law through a cabinet meeting.” The cabinet later approved nullifying the order.

Even before Tuesday’s dramatic events, Yoon was deeply unpopular, and his approval ratings had plunged to record lows.

“It is so embarrassing that I can’t see the faces of Koreans living abroad,” Park Sam-choon, 76-year old at a rally demanding Yoon’s impeachment said on Wednesday. “Yoon should step down immediately. I watched so many presidents so far- even the first president of South Korea. For me, Yoon looks like a 5-year-old boy. He doesn’t know what he is doing.”

The Bank of Korea’s monetary policy board held an extraordinary meeting Wednesday morning just a week after its surprise move to cut interest rates as members discussed steps to shield the economy and markets.

The BOK will increase short-term liquidity and take “active” steps in currency markets as needed to ensure stability, it said in a statement following a hastily called board meeting.

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(With assistance from Sam Kim.)

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