South Korea suddenly imposed martial law late at night, and safe-haven assets rose

Members of South Korea's opposition party said the entrance to the National Assembly was blocked and they were trying to overturn the martial law order issued by South Korean President Yoon Seok-yeol. Opposition leader Lee Jae-myung said Yoon's declaration of martial law was illegal and unconstitutional. He said members of the military might try to arrest lawmakers. The won fell about 1% against the dollar, at a two-year low. The dollar fell below 149 against the yen USD/JPY, continuing its October low. The news caught the market off guard and triggered buying of bonds and the yen. Market participants wondered whether this was a problem with budget measures or something worse. The small pullback came after U.S. Treasury yields fell. (Jinshi)