According to Zhito Finance APP, after Prime Minister Han De-soo, acting in place of the president, refused to approve the nomination of the Constitutional Court judges, South Korea's largest opposition party, the Democratic Party, has submitted a motion for impeachment against Han De-soo. It is understood that the nominations of the judges may increase the possibility of removing Yoon Suk-yeol.

The Democratic Party submitted the impeachment motion and presented it at a full session of the National Assembly, planning to hold a vote as early as Friday.

Previously, Han De-soo took the risk of impeachment and escalating tensions by making an emergency public speech on Thursday, stating that he would delay the approval of nominations for three judges controlled by the opposition party in parliament. He indicated that the right to approve judges belongs to the president.

In his speech, Han De-soo stated, "First, there must be consensus in the National Assembly. If all parties agree and submit a proposal, I will immediately appoint the Constitutional Court judges."

As the motion for the impeachment of Han De-soo was proposed, South Korea is still in shock over the martial law order issued by Yoon Suk-yeol at the beginning of this month. Although his decision was overturned within hours, it triggered political turmoil, market fluctuations, and waves of protests, ultimately leading to Yoon Suk-yeol's impeachment. South Korean Prime Minister Han De-soo has served as acting president since December 14.

According to legal provisions, at least six votes in favor are required to pass the impeachment case against Yoon Suk-yeol. Among the nine judge positions in the South Korean Constitutional Court, six judges are currently in office, with three vacant seats. The Democratic Party, which successfully leads the impeachment of Yoon Suk-yeol, is seeking to fill the remaining seats as soon as possible in an effort to reduce the likelihood of changes to the impeachment case.

The People Power Party, to which Yoon Suk-yeol belongs, urged Han Duck-soo to refuse the nomination and boycotted the confirmation hearing. Yoon Suk-yeol has vowed to fight for a return to power at the Constitutional Court, which will hold its first pre-trial hearing on Friday and will make a decision by June next year.

The Korean won has plummeted.

Since the political turmoil, the Korean won has continued to decline. Due to uncertainty in South Korea's leadership, the won briefly fell below 1,460 against the US dollar, hitting a new low in over 15 years, making it the worst-performing currency in Asia this year.

The impeachment of Han Duck-soo is the first time South Korea has initiated an impeachment case against an acting president. The National Assembly is still debating the applicable rules. According to the standard for 'impeachment of the Prime Minister,' support from 151 out of 300 seats is required, whereas for the impeachment of a president, agreement from 200 out of 300 members is necessary.

According to the National Assembly website, the Democratic Party currently holds 170 seats.

If Han Duck-soo is impeached, South Korean Minister of Finance Choi Sang-mok will act as the acting president.

Since the outbreak of political turmoil, the Bank of Korea and the government have vowed to provide 'unlimited liquidity' when necessary to reassure market participants and buffer the economic impact.

The Bank of Korea 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 recorded the largest decline 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 will slow down next year. Meanwhile, the incoming president of the USA, Trump, will return to the White House with a series of protectionist policies, which may also harm export-dependent countries like South Korea.