South Korean stocks sank and the currency approached a 15-year low against the dollar on Monday amid fears of a power vacuum at the top of government following President Yoon Suk Yeol’s failed bid to impose martial law last week.
The won weakened 0.8 per cent against the dollar to Won1,435.6, its worst since October 2022, before making a modest recovery. South Korea’s Kospi stock benchmark fell 24 per cent to its lowest in more than a year.
Investors and South Korean companies are worried about a long period of uncertainty over the position of Yoon, who survived an impeachment bid at the weekend but whose allies say they are seeking his “orderly exit” from the presidency.
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