À̹ÌÁö È®´ë Finance Minister Choo Kyung-ho, second from the right, at the emergency macroeconomic and financial meeting held in Seoul [Photo by Han Joo-hyung]
South Korea¡¯s Finance Minister Choo Kyung-ho Thursday said that concerns in the international financial market are easing as the U.S. Federal Reserves slowed its pace of rate hikes overnight with a quarter percentage point increase as anticipated.
Fed officials repeated language that ¡°ongoing increases in the interest rate target range will be appropriate¡± but the Federal Reserve Chair Jerome Powell said that ¡°we can now say I think for the first time that the disinflationary process has started.¡±
¡°Powell¡¯s comments are understood to mean market uncertainties are somewhat eased,¡± Choo said during an emergency macroeconomic and financial meeting held in Seoul.
Regarding the domestic financial market, Choo said that volatility has eased this year thanks to the government¡¯s efforts to stabilize the market and expectations that tightening measures in major countries will slow.
¡°But the government must remain alert as uncertainties surrounding the domestic market still persist due to sluggish exports and inflation that is expected to remain high for some time being,¡± he added.
¡°The ministry¡¯s economics and finance teams will strengthen market monitoring under close cooperation and respond in a timely manner according to the contingency plan for each sector, while further elaborating the optimal policy mix,¡± he emphasized.
Choo also said that the government will enhance the stability of the domestic financial market and manage risks in the real estate sector.
By Pulse
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