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South Korean President Yoon Suk Yeol, recently removed from office, vowed to "fight to the end" against what he termed "anti-state forces" as authorities prepared to execute an arrest warrant for him. The warrant follows his refusal to cooperate with an investigation into his brief seizure of power, which has led to political turmoil and a pending decision from the Constitutional Court on his impeachment. Amid heavy police presence, Yoon's supporters gathered outside his residence, while his lawyers challenged the legality of the arrest warrant.
South Korea's political turmoil has led to a significant drop in the won's value, reaching its lowest point against the dollar since March 2009. This instability has caused the Bitcoin Kimchi Premium to surge, with local investors paying up to 3% more for BTC compared to global prices, as they seek refuge in dollar-denominated assets amidst the crisis. The impeachment of President Yoon Suk-yeol and ongoing political strife highlight concerns about the fragility of democracy, resonating beyond South Korea.
Asian markets opened mixed as Wall Street rebounded from an early dip, with Honda shares soaring over 16% following a significant share buyback announcement and merger talks with Nissan. Japan's Nikkei 225 fell 0.3%, while South Korea's Kospi also declined amid political uncertainty. U.S. consumer confidence dropped in December, raising inflation concerns as the Federal Reserve signals fewer interest rate cuts ahead.
Asian markets mostly advanced on Christmas Eve, with Chinese stocks gaining over 1% after promises of increased government spending. Honda's shares surged 12.2% following a share buyback announcement and merger talks with Nissan, which also saw a 6% rise. Meanwhile, South Korea's Kospi dipped 0.1% amid declining consumer sentiment.
Asian markets mostly advanced on Christmas Eve, with Chinese stocks gaining over 1% after the finance minister announced increased government spending for 2025. Japan's Nikkei 225 fell 0.3%, while Honda's shares surged over 12% following a merger announcement with Nissan, which also saw a 6% rise. South Korea's Kospi dipped 0.1% amid declining consumer sentiment, and oil prices rose slightly.
The Federal Reserve's fewer rate cuts in 2025 and raised inflation forecasts signal diverging monetary policies in Asia, with countries like China and Indonesia easing while Japan and Malaysia may hike rates. Despite a strong 2024 for Asian stocks, uncertainties loom due to potential tariffs under Trump, China's economic stability, and geopolitical tensions, impacting growth prospects across the region. Taiwan's tech sector thrived, but South Korea faced challenges, highlighting the need for government reforms to stimulate demand.
Hong Kong is expediting its digital assets licensing, with authorities focusing on regulatory improvements and potential inclusion of Bitcoin in reserves, while South Korea's digital asset reforms are stalled due to martial law, delaying key initiatives like securities token offerings and real-name corporate accounts. The political crisis in South Korea has shifted attention away from virtual asset legislation, pushing timelines for reforms to 2025.
South Korea has delayed the implementation of a crypto tax until 2027, reaffirming its pro-crypto stance amid political uncertainty following President Yoon Suk-yeol's impeachment. The government aims to develop a comprehensive regulatory framework while monitoring global trends, particularly U.S. policies under President-elect Donald Trump. Despite the turmoil, trading activity remains strong on major exchanges as investors seek cryptocurrencies as a hedge against the weakening Korean Won.
South Korean prosecutors are seeking a six-month prison sentence for lawmaker Kim Nam-kuk, who allegedly failed to report his cryptocurrency holdings, claiming only 1.2 billion won in assets while actually possessing 9.9 billion won. Kim, who left the Democratic Party amid these allegations, is accused of obstructing the National Assembly Ethics Committee's review of his assets. His trial is occurring against a backdrop of political turmoil following President Yoon Suk Yeol's martial law declaration and subsequent impeachment by the National Assembly.
Asian shares mostly declined following a record-setting day for the Nasdaq ahead of the Federal Reserve's upcoming interest rate decision. Tokyo's Nikkei 225 fell 0.2%, while Chinese markets continued to slide, with the Hang Seng down 0.1% and the Shanghai Composite losing 0.7%. In the U.S., the S&P 500 rose 0.4% and the Nasdaq climbed 1.2% to a record close, driven by strong performance from Broadcom. The Fed is expected to announce a third consecutive rate cut, aiming to support the job market as inflation stabilizes near its 2% target.
Yoon Suk Yeol
People
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