The leadership of the ruling Democratic Party(DP) has decided to resign to take responsibility for the devastating blow it was dealt in Wednesday's by-elections.

Acting chair Kim Tae-nyeon made the announcement in the wake of an emergency general assembly of DP lawmakers on Thursday. He added that elections to pick new leadership will be held at the earliest possible date.

On his social media, Supreme Council member Shin Dong-geun said he feels responsible for the election outcome, before tendering his resignation.

The usually nine-member council currently has eight members, after former party chair Lee Nak-yon stepped down last month. Their terms are set to end in August 2022.