As we've just reported, opposition lawmakers in South Korea have tabled a motion to impeach President Yoon, triggering what will likely be a days-long process.

Once an impeachment bill is proposed, at least two-thirds of South Korea's 300-member National Assembly must vote to impeach Yoon - that translates to at least 200 votes.

The vote must take place within 72 hours.

The next step now though, is for the Speaker of the Assembly Woo Won-sik to open a session for the motion to be debated - which could happen as early as in two days.

Opposition lawmakers in South Korea have put forward a motion to impeach President Yoon over his botched attempt late on Tuesday to impose martial law.

The motion will still need to be debated before going to a vote, possibly later this week.

Image source, EPA

Image source, Getty Images

Japan's Prime Minister Shigeru Ishiba has expressed "exceptional and serious concerns" over President Yoon's short-lived decision to declare martial law and said he is monitoring the situation in the neighbouring country closely.

Ishiba says his government is "taking all possible measures" to ensure the safety of Japanese nationals in South Korea and that he is unaware of any reports of injuries.

As mentioned earlier, South Korea's Prime Minister Han Duck-soo and other top officials are due to hold an emergency meeting now (at 14:00 local).

It's unclear if that meeting is currently taking place, but we'll bring you the latest once we know more.

South Korean President Yoon's decision shows he is "completely out of touch with [the] reality of what the country is going through at this point", former foreign minister Kang Kyung-wha tells the BBC.

Yoon has become increasingly unpopular for how he handled questions about his conduct and a recent controversy over his wife, Kang adds, and has been blaming the opposition party for blowing these issues out of proportion in parliament.

What happens next, says Kang, is entirely up to Yoon himself.

"The ball is in the president's court to find a way out of this corner that he himself has put in."

Image source, EPA

João da Silva
Business reporter

South Korea's central bank says it will "keep all options open" to support its financial markets after the country was rocked overnight by news of Yoon's martial law imposition.

The statement noted that markets had "somewhat" recovered after the martial law declaration was lifted.

South Korea's Kospi share index recovered some losses and was down 1.8% in early afternoon trading. The won (South Korea's currency) also partially recovered after overnight losses.

Earlier, authorities promised to inject "unlimited" cash to the markets.

Despite those pledges, analysts warned about the impact that the turmoil could have on Asia's fourth largest economy.

"A prolonged period of political conflict that impacts economic activity and leads to work stoppages... would be credit negative,” warned Anushka Shah from Moody's Ratings in a note.

Credit ratings affect how much it costs governments to borrow money in the international financial markets.

As the situation in South Korea continues to develop, the internet has been asking: what is martial law?

Martial law is a temporary rule by military authorities in a time of emergency, when the civil authorities are deemed unable to function.

The implementation of martial law can have legal impacts, such as the suspension of normal civil rights and the extension of military law.

In theory, it's temporary - but it may continue indefinitely.

The last time martial law was declared in South Korea was in 1979, when the country's then long-term military dictator Park Chung-hee was assassinated during a coup.

Yoon's declaration on Tuesday night marked the first time it has been invoked since the country became a parliamentary democracy in 1987.

When declaring his drastic decision in a late-night TV broadcast, Yoon cited "anti-state forces" and the threat from North Korea as justification.

But observers say Yoon acted like a president under siege, and that his decision was spurred less by external threats than his own desperate political troubles.

The South Korean leader has been a lame duck president for months after the opposition won a landslide in April's general election, and has seen a continuing fall in approval ratings amid several corruption scandals this year.

Image source, EPA

Former South Korean foreign minister Kang Kyung-wha says last night's events proved the strength and resilience of the country's democracy - citing the quick response from citizens and politicians to oppose the president's martial law order.

She also says she is "hugely relieved" that the dust appears to be settling.

"My first reaction was - this can't be happening to my country, a fractious democracy, but certainly a vibrant and an increasingly mature democracy," she tells the BBC.

"Over the hours through the night, [seeing] the National Assembly doing its part and the citizens out in the streets calling for this to be withdrawn - I have to say at the end, it demonstrated that the democracy in my country is strong and resilient."

Kang served as the foreign minister under former President Moon Jae-in from 2017-2021.

Image source, Getty Images

An interview with a market analyst on the BBC News' Business Today show has taken an unexpected personal turn.

Before focusing on the market impact of the political turmoil in South Korea, Jung In Yun from Fibonacci Asset Management Global described how he was woken in the middle of the night by his wife who called and asked "What if North Korea attacked us?" and "What if there is a civil war?"

Jung went on to describe what was a "very emotional night for many, or most, Koreans" as they turned to platforms like YouTube to watch live as soldiers entered the country's National Assembly.

He also described a sense of relief when news emerged that the martial law declaration had been lifted.

Instead of preparing for the worst-case scenarios, Jung said this became a "buy the dip" moment - an expression used by investors to describe the opportunity to purchase assets that have temporarily fallen in value.

David Oh
BBC Korean Service, reporting from Seoul

North Korea seems to be staying quiet about South Korea's political turmoil - for now.

President Yoon clearly took aim at North Korea in his address last night, saying the martial law declaration was to "protect the free Republic of Korea from the threat of North Korean communist forces" and to "eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people".

Comments like this would usually draw a reaction from the North, but there are still no responses from the country's state media.

Pundits say it is still unclear why Yoon mentioned North Korean threats, but many believe it will not have a positive effect on the already rising tensions between the North and the South.

People in Seoul took to the streets again on Wednesday to protest President Yoon's short-lived declaration of martial law, with some blocking traffic.

Bernd Debusmann Jr
Reporting from Washington

South Korean lawmakers are reportedly moving to impeach President Yoon Suk Yeol for last night's events.

It wouldn't be the first time that a South Korean president is impeached, and comes less than 10 years after then-President Park Geun-hye was impeached after being accused of helping a friend commit extortion in 2016.

The country's impeachment process is relatively straightforward.

To do so, two-thirds of South Korea's 300-member National Assembly must vote to impeach - at least 200 votes.

Once the impeachment is approved, a trial is held before the Constitutional Court - a nine-member council that oversees South Korea's branches of government.

If six of the court's members vote to sustain the impeachment, the president is removed from office.

In 2016, the impeachment was successful, with 234 MPs voting to oust President Park.

In 2004, another South Korean president, Roh Moo-hyun, was impeached and suspended for two months. The Constitutional Court later restored him to office.

Yuna Ku
BBC Korean Service, reporting from Seoul

The ruling People Power Party has called for President Yoon to break away from the party, and for his entire cabinet and the nation's Defence Minister Kim Yong-hyun to resign.

The leader of the party Han Dong-hoon said all three issues had been discussed at length during an hours-long meeting.

The party members largely agreed on the dismissal of the cabinet and defence minister, but they did not find consensus on whether Yoon should be kicked out of the party. Another meeting will be held this afternoon, and PPP has said it is closely monitoring calls from the opposition to have Yoon impeached.

Image source, Getty Images

The secretary general of South Korea's National Assembly has vowed to hold members of the military "legally responsible" for any "physical damage and illegal acts" which were carried out during President Yoon's short-lived declaration of martial law.

"Starting today, the Ministry of National Defense, police, etc. are completely prohibited from entering the National Assembly," Kim Min-ki said in a speech on Wednesday, according to the South Korean broadcaster MBC.

Min-ki said he would soon "disclose all CCTV footage" which captured any "illegal acts by martial law troops" who had entered the National Assembly following President Yoon's order.

He added that approximately 230 armed troops had entered the National Assembly grounds at least 24 times via helicopters in the short period before lawmakers voted to lift martial law.

Rarely do you get to speak to a member of parliament at 02:00 in the morning, and even more rarely do you get to speak to them when they’ve just – in effect – broken in to grounds of parliament.

But that is what happened earlier on the BBC World Service's Newshour programme.

Hong Keewon is a national assembly member for the main opposition Democratic Party.

He told the BBC’s Tim Franks he had been asleep when the president made his late-night declaration of martial law. Hong’s wife woke him up to break the news.

Hong said he could not believe it at first. Then, he raced to the parliament.

When he got there, police were blocking the entrance. So he told protestors who he was, and they gave him a leg up to climb over the wall.

Inside the chamber of parliament, he said everyone was united. Even members of the president’s own party can’t believe what’s going on, he said.

“Democracy is strong here,” Hong insisted, adding:

João da Silva
Business reporter

Analysts are watching closely for signs of how the political uncertainty will affect Asia's fourth largest economy.

"We see the uncertainty surrounding the economy and politics remaining high and likely to dampen sentiment if the situation persists," said a note by Min Joo Kang, a senior economist with banking giant ING.

"We are concerned that these events could impact South Korea’s sovereign credit rating, although this is uncertain at this stage."

Ratings affect how much it costs governments to borrow money in the international financial markets.

However, analysts also noted that the steps taken so far by the South Korean authorities could help soften the economic blow.

"The negative impact to the economy and financial market could be short-lived as uncertainties on political and economic environment could be quickly mitigated on the back of proactive policy response," said Jin-Wook Kim, chief Korea economist at investment bank Citigroup.

South Korea has grown considerably in recent decades to become one of Asia's most advanced economies. The International Monetary Fund expects it to grow 2.5% this year.

South Korea has woken up to the aftermath of a turbulent night in politics - and we're still expecting a lot to happen today as the country figures out what will happen next.

Let's take a look at where things stand:

• In a late-night TV address, South Korean President Yoon Suk Yeol declared martial law in the democratic nation, arguing that the move was needed to protect the country from North Korean elements and "anti-state forces"
• Less than two hours later, with 190 of its 300 members present, South Korea's parliament voted down the measure and ruled the martial law order invalid
• Soon after, President Yoon reversed course and the martial law was lifted
• Large demonstrations took place overnight outside the parliament, with many South Koreans expressing relief that the martial law announcement was taken back
• Earlier this morning, Yoon's staff offered to resign en masse - although the president himself is yet to make a public appearance

• US Secretary of State Antony Blinken said the United States, a key strategic and defence partner for South Korea, continues to expect "political disagreements to be resolved peacefully and in accordance with the rule of law"

The Chairman of South Korea's Joint Chiefs of Staff (JCS) has called on the country's military to focus on its duty to protect the public in the hours following President Yoon's short-lived decision to invoke martial law.

Kim, who is the nation's top general, made the remarks on Wednesday in an emergency meeting of key commanders, according to Yonhap News.

Kim also called on troops to maintain a "firm readiness posture" against North Korean threats amid the ongoing domestic crisis, Yonhap reported.

David Oh
BBC Korean Service

South Koreans woke up with a bit of relief this morning, at the news Yoon had accepted that his bid for military rule had been overturned.

Yoon announced he would lift the martial law order after lawmakers unanimously rejected his decree, just hours after his surprising late night address on Tuesday.

For many here in South Korea, the declaration of martial law brings back memories of 1980, a time of military rule.

One person on social media posted "I just woke up and heard the news, and I was panicked".

"I didn't expect to see martial law in real life," another said.

The lifting of martial law gives a reprieve for now - but many are still pondering the question: what will happen next?

Leadership of the People Power Party, Yoon's political party, is having an emergency meeting this morning to discuss their next moves following last night's chaos, according to South Korean media.

The closed-door meeting, assembled at 7am local time (10pm GMT), is chaired by the party's leader Han Dong-hoon. According to major broadcaster MBC, the majority of the party's supreme council members have agreed to demand that Yoon leave the party "in order to protect the spirit of the Constitution".

The meeting also agreed to demand the resignations of all State Council members who failed to prevent the martial law, as well as the dismissal of Defence Minister Kim Yong-hyun, who reportedly proposed the idea.