President Yoon Suk Yeol pledged to thoroughly inspect and respond to changes in financial and foreign exchange markets to prevent a crisis situation and an increased burden on people's livelihoods.

Presiding over a macrofinancial meeting with officials and experts on Wednesday, Yoon assessed that the internal and external macroeconomic situation is progressing with more difficulty than forecast during a previous meeting in May. 

He said that the Korean won has sharply depreciated recently on the back of the U.S. dollar strengthening globally. He also mentioned a widening trade deficit due to soaring raw material and import prices.

Despite global oil and grain prices stabilizing, the president stressed that the country continues to face inflation risks due to the reduction of gas supplies to Europe by Russia.

Assessing that the nation's external financial soundness has improved significantly compared to past crisises, Yoon called for continued vigilance, saying rate hikes in major economies and related uncertainties have increased market volatility.