BUSINESS

Korean economy remains calm despite NK missile provocation: finance minister

By Yonhap
  • Published : Sept 15, 2017 - 14:52
  • Updated : Sept 15, 2017 - 14:52
South Korea's top economic policymaker said Friday that the local financial market seems to remain calm despite the latest North Korean missile firing, but the government will take immediate action, if necessary.

"The market condition looks steady," Finance Minister Kim Dong-yeon said. "It does not seem likely that there will be sudden fluctuation in the market. But if we experience it, actions will be taken swiftly and resolutely."

The North fired a ballistic missile over Japan again earlier in the day, following its nuclear test last month.
 
Finance Minister Kim Dong-yeon (Yonhap)

Kim said the South Korean financial market is moving within a predictable range.

The benchmark KOSPI lost 0.01 percent to trade at 2,377.32 as of 2:12 p.m., while the Korean won reached 1,132.6 won against the US dollar.

"The government will remain vigilant against possibilities that North Korean risks may expand to a protracted global threat," said the finance minister.

Meanwhile, officials from economy and finance-related ministries and agencies including the finance ministry and the central bank held an emergency meeting to check the economic impact of the North Korean provocation.

They will strengthen monitoring of the stock and foreign exchange markets and take market-stabilizing measures in a timely manner in accordance with the existing contingency plan. (Yonhap)