The acting president is also facing impeachment! South Korean political chaos, South Korean won hits over 15-year low at one point.

After the State Prime Minister Han Deok-soo refused to approve the nomination of constitutional court judges while acting as the president, South Korea's largest opposition party, the Democratic Party of Korea, has submitted a motion to impeach Han Deok-soo. It is understood that the nomination of judges could increase the possibility of removing Yoon Suk-yeol. The Democratic Party of Korea has proposed the motion of impeachment, and plans to hold a vote in the National Assembly plenary session as early as Friday. Earlier, Han Deok-soo, facing the risk of impeachment and escalating tensions, delivered an emergency public speech on Thursday, stating that he would postpone the appointment of three judges nominated by the opposition-controlled parliament. He stated that the right to appoint judges belongs to the president. In his speech, Han Deok-soo said, "First, consensus must be reached in the National Assembly. If all parties agree and submit a proposal, I will immediately appoint constitutional court judges." As the motion to impeach Han Deok-soo was submitted, South Korea was still reeling from the martial law decree issued by Yoon Suk-yeol earlier this month. Although his decision was overturned within hours, it sparked political turmoil, market volatility, and protests, ultimately leading to the impeachment of Yoon Suk-yeol. Han Deok-soo has been serving as acting president since December 14. According to the law, at least six votes are needed to pass the impeachment case against Yoon Suk-yeol. Of the nine positions on the South Korean Constitutional Court, there are currently six judges in office and three vacant seats. The Democratic Party of Korea, which successfully led the impeachment of Yoon Suk-yeol, is seeking to fill the remaining seats as soon as possible to reduce the likelihood of variables in the impeachment case. Yoon Suk-yeol's party, the People Power Party, has urged Han Deok-soo to reject the appointment of the nominees and has boycotted the confirmation hearings. Yoon Suk-yeol himself has vowed to fight for his return to power in the Constitutional Court, which will hold its first pre-trial hearing on Friday and make a decision by June next year. South Korean won plunges Since the political turmoil, the South Korean won has been continuously depreciating, with the uncertainty in the South Korean leadership causing the exchange rate to drop below 1460 against the US dollar, hitting a new low in over 15 years, and remains the worst-performing currency in Asia this year. As the impeachment of Han Deok-soo is the first time that South Korea has initiated an impeachment case against an acting president, the rules regarding the National Assembly are still under debate. According to the standard of impeaching the State Prime Minister, 151 out of 300 seats are required to support, while impeaching the president requires the agreement of 200 out of 300 members. According to the National Assembly website, the Democratic Party of Korea currently has 170 seats. If Han Deok-soo is impeached, South Korean Finance Minister Choi Sang-mook will serve as the acting president. Since the outbreak of political turmoil, the South Korean central bank and government have pledged to provide "unlimited liquidity" when necessary to reassure market participants and cushion the economic impact. The South Korean central bank stated in a policy report on Wednesday that it plans to lower the benchmark interest rate next year after considering financial risks and economic conditions. Prior to the release of this report, consumer confidence saw its largest drop since the announcement of the COVID-19 pandemic in 2020. Political uncertainty has put pressure on the economy, and it is expected that South Korea's economic growth rate will slow down next year. Meanwhile, the incoming US president, Trump, is set to return to the White House with a series of protectionist policies that could also harm countries like South Korea that rely on exports.