South Korea’s opposition leader Lee Jae-myung won a snap presidential election with 49.42% of the vote, defeating conservative Kim Moon Soo.

Lee will be sworn in immediately, skipping the usual transition period, following the impeachment of former president Yoon Suk Yeol over a failed martial law attempt.

Lee, from the Democratic Party, faces key challenges including reviving the economy and managing U.S. trade negotiations.

Though he campaigned toward the center, analysts expect a left-leaning agenda.

The election boosted South Korea’s stock market and currency, CNBC has reported.

Lee plans to form a new cabinet quickly and pursue expansionary fiscal policies, while balancing U.S. relations amid security and trade tensions.

Written by B.C. Begley