Yen and bonds rise in safe haven trade after South Korea declares martial law

Opposition party members say the entrance to parliament is blocked as they try to overturn a shock announcement by the president of martial law in South Korea.

Opposition leader Lee Jae-myung said “Yoon declared martial law illegally and unconstitutionally against the people”. He said members of the military may try to arrest lawmakers.

The South Korean won is down about 1% and trading at a two-year low.The South

The market was caught off guard by the announcement and it led to a bid in bonds and the yen. Market participants are wondering whether this is about budget measures or something darker.

After the initial drop in yields, there is some retracement.

This article was written by Adam Button at www.forexlive.com.