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The president accused opposition parties of sympathizing with North Korea and controlling parliament. Yoon did not specify how martial law — a temporary rule by military authorities in a time of emergency — would affect governance and democracy in the country.

The Korea Exchange announced it would hold an emergency meeting “to prepare response measures” and later decide whether the market would open on Wednesday, according to local media reports.

The U.S. dollar jumped 1.9% against the South Korean won Tuesday.

— CNBC’s Hakyung Kim contributed reporting.