Finance minister Choi Sang-mok has warned that uncertainties surrounding the timing and size of rate cuts in major countries have increased after the U.S. Federal Reserve kept its key interest rate unchanged on Wednesday.

The minister presented the assessment on Thursday in an emergency economy meeting in Seoul, vowing to respond with vigilance following the Fed’s decision, which induced uncertainties in the global financial markets with the cooled expectations of an early rate cut.

Choi said that the domestic financial and foreign exchange markets have been relatively stable, but there are potential risks at home and abroad from possible changes in the monetary policies of major countries, pledging timely responses based on the government’s contingency plans.

The minister also said that the government plans to announce measures this month to address the perceived undervaluation of Korean stocks.