Seoul: The South Korean government has pledged to deploy "unlimited liquidity" into the country's financial markets to stabilize them, following President Yoon Suk Yeol's unexpected declaration of emergency martial law that caused significant market disruptions. The finance ministry announced this decision on Wednesday, shortly after the declaration sent shockwaves through the financial sector. According to Yonhap News Agency, the pledge was made after an emergency meeting of economy-related ministers, chaired by Finance Minister Choi Sang-mok. The South Korean won had dropped to a multiyear low, and local assets in overseas markets suffered declines after the martial law announcement late Tuesday. Choi emphasized the government's commitment to resolving the uncertainties facing the economy during a press briefing, stating that the government will ensure stability in the stock, bond, short-term funding, and foreign currency markets. Later on Wednesday, Choi announced the establishment of a 24-hour governmen t monitoring team to address the potential impact on the real economy. He also highlighted the importance of cooperation among economic players to maintain stability amid growing domestic and international uncertainties. The benchmark stock index, KOSPI, closed at 2,464.00, down 1.44 percent from the previous session's close, while the Korean won traded at 1,410.1 against the dollar, partially recovering from its overnight drop. Choi engaged with major business lobby groups to discuss the incident's aftermath and assured them of the government's efforts to minimize uncertainties and support the corporate sector's activities. First Vice Finance Minister Kim Beom-seok also held discussions with financial attaches in major countries, emphasizing the need for close communications to alleviate concerns over the South Korean economy. Market analysts suggested that the fallout might be less severe than initially feared, citing the quick resolution of the martial law declaration and the government's swift response. Kim Byung-yeon, an analyst at NH Investment and Securities Co., noted that the volatility in the financial markets is likely a temporary occurrence. Despite the turmoil, Choi and all other Cabinet members have offered their resignations. President Yoon had declared martial law, accusing the main opposition Democratic Party of engaging in anti-state activities. This marked the first imposition of martial law in 45 years, but the National Assembly quickly voted to reverse the measure, and the Cabinet formally approved its repeal early Wednesday.