South Korea's financial authorities said Thursday that they will remain vigilant against potential market instability after the U.S. Federal Reserve raised its policy rate again and opened the door for an additional rate hike.
Finance Minister Choo Kyung-ho, Bank of Korea (BOK) Gov. Rhee Chang-yong and other financial officials held a meeting to assess the impact of the Fed's rate increase.
"The government and the Bank of Korea will heighten the market monitoring system, and will closely check the financial soundness of our financial system and implement market stabilization measures swiftly if needed," the finance ministry and the BOK said in a statement.
The country's benchmark KOSPI had fallen 11.12 points, or 0.44 percent, to 2,490.28 as of 10:22 a.m., and the Korean won changed hands at 1,328.6 to the dollar, up 9.6 won from the previous session's close.
Source: Yonhap News Agency