South Korea's economic policymakers beefed up their market monitoring and held emergency meetings on Tuesday to gauge the impact of a suspected nuclear test by North Korea.

Authorities detected an unusually powerful seismic tremor near the North's nuclear site in its northeast shortly before noon Tuesday. Experts believe that it could be a sign that the North has conducted its third nuclear test in defiance of repeated international warnings.

The news sent economic policymakers rushing to convene back-to-back emergency meetings.

Finance Minister Bahk Jae-wan started a meeting with his top ministry officials at 1:15 p.m. to closely analyze the possible impact of the suspected nuclear test on the financial markets, including stocks and currency exchange rates, ministry officials said.

The meeting will be followed by another gathering chaired by Vice Finance Minister Shin Je-yoon, they added.

Other financial authorities, including the Bank of Korea and the Financial Services Commission, will also have similar meetings of their own later.

Market watchers said that the reports on the North's suspected nuclear test are having little impact on the market at least for right now.

South Korea's financial markets have relatively well tided over the previous two nuclear tests by the communist neighbor back in 2006 and 2009, bouncing back days after short-term setbacks. (Yonhap News)