SOUTH Korean President Yoon Suk Yeol said on Wednesday he would lift a shock martial law declaration he had imposed just hours before, backing down in a standoff with parliament which roundly rejected his attempt to ban political activity and censor the media.

Yoon declared martial law on Tuesday night in a televised address to thwart “anti-state forces” among his domestic political opponents. But outraged lawmakers rejected the decree, in South Korea‘s biggest political crisis in decades. Yonhap news agency said the cabinet had agreed early on Wednesday to scrap the martial law.

South Korea‘s won currency recovered somewhat after Yoon backed down and was 0.8 per cent lower at 1,414.45 per dollar.

Protesters outside the National Assembly parliament shouted and clapped. “We won!” they chanted and one demonstrator banged on a drum.

Cho Kuk, head of a minor opposition party, met protesters outside parliament and said: “This isn’t over. He put all the people in shock.” He vowed to impeach Yoon by putting together votes from other parties.

Yoon’s surprise declaration of martial law, which he cast as aimed at his political foes, was unanimously voted down by 190 lawmakers in parliament. His own party urged him to lift the decree. Under South Korean law, the president must immediately lift martial law if parliament demands it by a majority vote.

The crisis in a country that has been a democracy since the 1980s, and is a US ally and major Asian economy, caused international alarm.

US had ‘grave concern’