April 24, 2024
Economy
South Korea vows to take measures to stabilize financial markets
[THE INVESTOR] South Korea’s finance minister pledged on Aug. 16 to take strong measures to stabilize financial markets if necessary, amid lingering tensions between North Korea and the US.
Finance Minister Kim Dong-yeon made the comments in a meeting with Bank of Korea Gov. Lee Ju-yeol in Seoul.
Lee also said the BOK would make aggressive efforts to stabilize financial markets by closely monitoring domestic and foreign financial markets.
Tensions have spiked on the Korean Peninsula as North Korea and the US traded bellicose rhetoric after the UN further tightened sanctions on Pyongyang for its two tests of intercontinental ballistic missiles last month.
North Korea announced a plan to launch ballistic missiles toward the US Pacific territory of Guam. In response, US President Donald Trump said the US military was “locked and loaded” to deal with North Korea’s provocations and North Korea would be met with “fire and fury” if it continued to threaten the US.
Last week, some investors sought safer assets in the South Korean financial market amid security concerns.
Tensions began to subside as North Korean leader Kim Jong-un indicated that he would hold off on the launch against Guam, saying Monday that he would watch Washington’s behavior “a little more.”
By Alex Lee and newswires (alexlee@heraldcorp.com)
Finance Minister Kim Dong-yeon made the comments in a meeting with Bank of Korea Gov. Lee Ju-yeol in Seoul.
Lee also said the BOK would make aggressive efforts to stabilize financial markets by closely monitoring domestic and foreign financial markets.
Tensions have spiked on the Korean Peninsula as North Korea and the US traded bellicose rhetoric after the UN further tightened sanctions on Pyongyang for its two tests of intercontinental ballistic missiles last month.
North Korea announced a plan to launch ballistic missiles toward the US Pacific territory of Guam. In response, US President Donald Trump said the US military was “locked and loaded” to deal with North Korea’s provocations and North Korea would be met with “fire and fury” if it continued to threaten the US.
Last week, some investors sought safer assets in the South Korean financial market amid security concerns.
Tensions began to subside as North Korean leader Kim Jong-un indicated that he would hold off on the launch against Guam, saying Monday that he would watch Washington’s behavior “a little more.”
By Alex Lee and newswires (alexlee@heraldcorp.com)
