Finance minister Choo Kyung-ho has downplayed concerns that the nation’s economy could face more uncertainties as the U.S. central bank’s key rate hike further widens the gap with South Korea’s rate.

Choo revealed the stance during an emergency meeting held on Thursday, a day after the U.S. Federal Reserve raised its key interest rate by a quarter percentage point to the highest level in 22 years, widening the gap with South Korea’s key interest by up to two percentage points.

Choo said the nation’s financial market is, overall, showing signs of stability, adding that foreign investment continued to see net inflows and foreign exchange rates are showing steady signs.

The minister said that with economic and financial uncertainties remaining both at home and abroad, the government will work closely with the Bank of Korea to tighten monitoring of key risk factors.

He said the government will promptly take steps to stabilize the market in line with case-by-case response measures if deemed necessary.