The government has decided to expand a 24-hour joint monitoring system to deal with growing market volatility after the U.S. presidential election. 

Finance Minister Choi Sang-mok announced the plan on Friday during a meeting with Bank of Korea Gov. Rhee Chang-yong and other economic policymakers. 

The participants discussed the U.S. election and the U.S. Federal Reserve’s latest rate cut, assessing their impact on the financial and foreign exchange markets at home and abroad.

Choi said volatility in the domestic and global financial market increased around the time of the U.S. election, with the won sharply depreciating against the U.S. dollar. 

The minister then said the government plans to expand and restructure its 24-hour joint monitoring system, previously focused on the Middle East, to include the financial and foreign exchange markets.

He vowed to respond to market volatility in a timely manner in line with a contingency plan if market volatility increases excessively.