Former South Korean Trade Minister Yeo Han-koo has sharply criticized President Yoon Suk Yeol’s decision to declare martial law, calling it a “grave mistake” that has eroded public trust and rattled global financial markets, Bloomberg reports.
The decree, swiftly overturned by lawmakers, sent shockwaves through the country and abroad.
“He might have been frustrated,” Yeo told Bloomberg reporters Tuesday, “but choosing this path is a completely different matter.”
The former minister highlighted the significant damage to Yoon’s credibility, both domestically and within his own party.
Yoon’s controversial action comes at a time of heightened economic uncertainty for South Korea. The prospect of Donald Trump’s return to the White House and the potential imposition of higher tariffs are weighing heavily on the export-dependent nation. Concerns over weaker trade have already prompted the Bank of Korea (BOK) to conduct a surprise interest rate cut last week in a bid to prevent economic slowdown.
The BOK pledged Wednesday to maintain stability in financial markets, a sentiment echoed by Finance Minister Choi Sang-mok, who assured the public that the government would employ “unlimited liquidity” to stabilize financial and foreign exchange markets. Yeo described these measures as “reassuring,” hoping they will restore normalcy.
