South Korea's finance minister has vowed to take preemptive steps to stabilize the country's financial and foreign exchange markets.
Finance Minister Hong Nam-ki was at an urgent meeting with Bank of Korea Governor Lee Ju-yeol and other senior finance officials on Wednesday to discuss Japan's export curbs and the U.S. decision to label China a currency manipulator.
Hong said the increased volatility was the result of 'short-term risks' that happened to overlap,… and insisted he will cope with such issues as swiftly and sternly as possible.
On top of around-the-clock monitoring, the minister also vowed to take measures to stabilize markets.