Finance Minister Choo Kyung-ho said Thursday that the government will continue to make efforts to stabilize financial markets, citing high interest rates, anxiety in property financing and global economic uncertainties.

Choo made the remarks at a meeting with heads of financial authorities, after the US Federal Reserve held its benchmark lending rate steady for a third consecutive time and signaled at least three rate cuts next year.

"Recently, the local financial market, including the stock and foreign exchange markets, has mirrored the trends observed in major economies while maintaining stability," the finance ministry said.

"The government and the Bank of Korea plan to stay vigilant, managing risks in vulnerable areas to prevent the growth of market volatilities at the year's end and the beginning of 2024" it said. (Yonhap)