Asian markets are mostly lower after overnight political drama in South Korea added to regional uncertainties. Seoul's Kospi fell less than 2%.

Asian equities stumbled on Wednesday while currencies were volatile as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.