President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility.

Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the US Federal Open Market Committee's decision last week to raise the interest rate.

"The level of shock from the crisis that began from external factors will depend on how we respond internally," he said during the meeting in central Seoul.

"The government will be the first to become more alert and take necessary and timely steps in line with the emergency measures plan we have prepared," he added.

Yoon also said the current economic crisis should be used as an opportunity to improve the country's economic constitution to one that is led by the private sector and the market.

"Every time energy prices have jumped, our economy has faced difficulties, so we need to shift our industries to a low-energy consuming and high-efficiency structure," he said, promising that the government will provide active support for such efforts by businesses. (Yonhap)