Finance minister Choo Kyung-ho says the government will boost monitoring efforts with higher alertness while keeping a close eye on financial market trends both at home and abroad.

Choo made the remark on Thursday during an emergency meeting on economic policies in Seoul as he assessed that the nation’s financial market saw a relatively high level of volatility on Wednesday after global market trends during the Chuseok holiday were collectively reflected.

Citing the surge in the U.S. Treasury’s yields and the strengthening U.S. dollar, Choo said the nation’s financial market is seeing volatility increase to some degree amid continued volatility in the global financial market.

The minister stressed that the government will actively work to prevent uncertainties from emerging in the foreign exchange market due to speculative trades while taking measures to stabilize the bond market if deemed necessary.

On the nation’s inflation posting the sharpest rise in five months in September, Choo vowed to do his best to stabilize consumer prices with a particular sense of alertness given that inflationary uncertainties continue to remain.