North Korea's March 2026 constitutional amendments, which formally designate South Korea as a separate bordering state and remove references to unification or territorial claims over the peninsula, have reinforced trader expectations of no full-scale invasion before 2027. Pyongyang has prioritized nuclear modernization, tactical weapons development, and strengthened ties with Russia and China over conventional mobilization, with recent ballistic missile launches directed into eastern waters rather than signaling offensive preparations. Joint U.S.-South Korean exercises continue to elicit routine North Korean responses, but analysts observe no troop buildups, artillery repositioning, or other indicators of imminent cross-border operations. This policy framework, emphasizing deterrence and northern diplomacy while treating the South as a hostile but distinct entity, aligns with the 94 percent consensus that large-scale military action remains improbable in the near term.