South Korea’s Ministry of Economy and Finance held an emergency joint meeting with related agencies today to review domestic and international financial market trends.
The ministry announced that a joint conference call was held in the morning, presided over by Vice Minister Yoon In Dae and attended by officials from the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service.
The Ministry of Economy and Finance stated, “Last week, concerns about the U.S. economic slowdown, poor performance of major companies, and profit-taking from rising stock prices led to a significant drop in the U.S. stock market. Consequently, global stock markets, including ours, have been adjusting overall.”
In light of increased volatility in global financial markets and ongoing uncertainties such as the resurgence of geopolitical tensions in the Middle East, the government and the Bank of Korea plan to maintain a high level of vigilance with a 24-hour monitoring system for both domestic and international financial markets.
They also intend to respond with close cooperation among related agencies according to contingency plans as needed.
The government announced that it would continue efforts to strengthen the resilience of domestic capital and foreign exchange markets and expand external safeguards by steadily advancing corporate value-up programs, modernizing foreign exchange and bond markets, and developing supply chains.
This emergency review is seen as a response to the spreading recession fears originating from the U.S.
As of the 2nd, the U.S. Nasdaq index had fallen by 2.43%, and the S&P 500 index had dropped by 1.84%.
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