South Korea’s finance minister vowed Thursday to closely monitor risks and take immediate steps to curb excessive volatility in the country’s stock, bond, and foreign exchange markets.
Minister Koo Yun-cheol said authorities will respond to “excessive herd-like behavior” in the forex market, according to a ministry statement after a meeting of top economic policymakers.
The won pared losses after the announcement, trading down 0.3% at 1,523.6 per dollar, after earlier hitting its weakest since March 31 at 1,530.8.
Koo also pledged to preemptively manage stock market risks and address bond market volatility.