Amidst heightened political tensions in South Korea, the opposition Democratic Party has moved to impeach Acting President Han Duck-soo, following his refusal to appoint court judges that could affect the fate of President Yoon Suk Yeol. Han's decision to hold off approving the judges nominated by the opposition-controlled parliament has sparked a constitutional crisis, with the Democratic Party aiming to fill the vacant seats in the Constitutional Court to potentially facilitate Yoon's removal.
The impeachment motion against Han comes in the aftermath of President Yoon's recent martial law decree, which was swiftly reversed but triggered widespread protests and market instability, culminating in Yoon's impeachment. Han, who assumed the role of acting president, is now facing scrutiny over his role in the judicial appointments amidst the political turmoil.
With the law stipulating that at least six judges are required to confirm Yoon's removal, the opposition Democratic Party is pushing for a swift appointment of the remaining judges to potentially lower the threshold needed for Yoon's impeachment. Yoon's People Power Party has boycotted the confirmation hearings, adding further complexity to the judicial standoff.
As uncertainty looms over South Korea's leadership, the Korean won has slumped to a 15-year low, reflecting investor concerns over the political instability. The looming question of whether Han should be considered president or prime minister if impeached adds another layer of complexity to the situation, with potential ramifications for the country's economic and financial stability.
The Bank of Korea and the government have pledged to provide unlimited liquidity to safeguard the economy amid the political uncertainty. With the central bank considering a rate cut next year and economic growth prospects already tempered by global uncertainties, including the return of Donald Trump to the White House, South Korea faces a challenging road ahead as it navigates through a tumultuous political landscape.