Seoul: The suspension of "Project Freedom," a United States operation aimed at escorting ships through the Iran-controlled Strait of Hormuz, has relieved South Korea of the need to decide on its participation in the operation, said National Security Adviser Wi Sung-lac on Wednesday. This announcement came shortly after U.S. President Donald Trump stated that the project would be temporarily halted just days after its commencement.

According to Yonhap News Agency, the pause in the operation has coincided with a significant surge in South Korean stocks. On Wednesday, the South Korean stock market experienced a remarkable increase of nearly 6.5 percent, propelling the Korea Composite Stock Price Index (KOSPI) to surpass the 7,300-point threshold. This upward trajectory has been fueled by a rally in semiconductor stocks and growing optimism regarding a potential peace agreement in the Middle East. Concurrently, the South Korean won strengthened against the U.S. dollar, reflecting positive market sentiment.

In other developments reported by Yonhap News Agency, North Korea has revised its constitution to incorporate a new territorial clause while eliminating references to unification with South Korea. This change signals Pyongyang's shift toward a "two hostile states" policy. The revised constitution, unveiled at a press conference held by the unification ministry and reviewed by Yonhap News Agency, outlines North Korea's territorial boundaries as the land bordering China and Russia to the north and South Korea to the south, along with its adjacent territorial waters and airspace.

Meanwhile, South Korean President Lee Jae Myung has emphasized the need for constitutional amendments. During a televised Cabinet meeting on Wednesday, President Lee argued that the existing Constitution, which has remained unchanged for nearly four decades, may no longer adequately address current circumstances. He advocated for a gradual and partial amendment process if necessary to adapt to the evolving political landscape.