Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties.

South Korean stocks sank Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.

Asian markets retreated Wednesday after overnight political drama in South Korea added to regional uncertainties, though the Kospi in Seoul fell less than 2%. U.S. futures rose while oil prices were little changed.

Hundreds of protesters in Seoul called for the impeachment of South Korean President Yoon Suk Yeol after he attempted to impose martial law to squelch his critics. For the South Koreans, the political drama is a chilling reminder of that nation’s not so distant authoritarian past.

The main opposition Democratic Party called for Yoon Suk Yeol, who has been in office since 2022, to resign or face impeachment.

South Korean lawmakers began impeachment proceedings against President Yoon Suk Yeol after he briefly imposed martial law and then reversed course on that decision just hours later. Yoon claimed martial law was necessary to protect the country from "North Korea's communist forces" and to "eliminate anti-state elements.