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South Korea to step up monitoring of financial market

South Korean first vice finance minister Bang Ki-sun said the government plans to actively deal with excessive one-sided movements in the financial market and will consider additional contingency steps to stabilise the market. Bang said the country's financial market has “sensitively” reacted to concerns about high inflation and global recession fears. South Korea's financial markets have undergone high volatility in recent weeks amid concerns that the Federal Reserve's aggressive rate hikes could accelerate the US economic downturn. Bang said the central bank's latest rate hike dispelled uncertainty about monetary policy. Bang added that this helped stabilise the local financial market.

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