Finance minister Choo Kyung-ho urged relevant state agencies to prevent volatility within the domestic financial and currency markets in the wake of the U.S. Federal Reserve's latest decision to freeze the key rate and hint of cuts next year.

The call was made during Thursday's emergency macroeconomic and financial meeting attended by Bank of Korea Governor Rhee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun and Financial Supervisory Service Governor Lee Bok-hyun.

The so-called "Finance Four" assessed that local stock prices and foreign exchange rates are trending similarly to other major economies under relative stability and that the capital market is largely favorable, while agreeing that year-end financing for financial institutions remains stable.

Referring to prolonged household burdens over high interest and the war in the Middle East, they pledged to focus on managing vulnerabilities to prevent expanded market volatility at the end of the year.

They also vowed to promptly implement market stability measures under a contingency plan when deemed necessary through around-the-clock monitoring.