Opposition Democratic party lawmakers have called on Yoon Suk Yeol to resign immediately or they would seek his impeachment

• Yoon Suk Yeol faces calls to resign after martial law shock
• Explainer: what happened and what comes next?

South Korea’s finance ministry has said it stood ready to deploy “unlimited” liquidity into financial markets after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows, Reuters reports.

The announcement came after finance minister Choi Sang-mok and Bank of Korea governor Rhee Chang-yong held emergency talks overnight, and as the central bank board abruptly met to approve rescue measures for the local credit market.

Opposition parties submit motion to impeach Yoon after his shock bid to put South Korea under martial law for first time in over four decades

• Explainer: what happened and what comes next?

South Korean opposition parties have formally submitted a motion to impeach the president, Yoon Suk Yeol, over his short-lived declaration of martial law.

Early on Thursday, lawmakers presented to parliament an impeachment motion alleging that Yoon “gravely and extensively violated the constitution and the law” and accuses him of imposing martial law “with the unconstitutional and illegal intent to evade imminent investigations... into alleged illegal acts involving himself and his family”.

Rightwing president backs down after most serious challenge to country’s democracy since 1980s

• Live updates: President Yoon urged to explain his decision

South Korea’s rightwing president has been forced to back down after he unexpectedly declared martial law only to face unanimous opposition from the national assembly, in the most serious challenge to the country’s democracy since the 1980s.

President Yoon Suk Yeol declared martial law late on Tuesday amid a dispute with opposition parties he accused of pro-North Korean sympathies and anti-state activities.

Yoon Suk Yeol says in late-night address that opposition parties have taken parliamentary process hostage

• South Korea – live updates

South Korea’s National Assembly has voted to block an attempt by the president, Yoon Suk Yeol, to declare martial law, leaving the future of his emergency measure unclear as protesters and armed forces gathered in Seoul.

There was jubilation outside the National Assembly building late on Tuesday night where hundreds of people had gathered to witness armed forces enter the building as lawmakers sat in the legislature to hold an emergency session to block Yoon’s sudden declaration.