SEOUL, Aug. 17 (Yonhap) -- North Korea seems to have test-fired two cruise missiles toward the Yellow Sea on Wednesday, a South Korean military official said, as President Yoon Suk-yeol held a press conference to mark the 100th day since taking office.

In his Liberation Day speech two days earlier, he laid out the details of his "audacious initiative" meant to help the North improve its economy in the event it takes denuclearization steps.

The North's first known launch of a cruise missile since January also came a day after South Korean and American military troops kicked off preliminary drills just ahead of the start of their annual combined Ulchi Freedom Shield (UFS) exercise.

While the North is banned from making launches using ballistic missile technologies under U.N. Security Council resolutions, such a firing of a cruise missile is not in violation of them.