Financial authorities have reaffirmed their commitment to enhanced monitoring of the foreign exchange market and timely responses following the sharp depreciation of the local currency against the U.S. dollar.

Deputy Prime Minister and Finance Minister Koo Yoon-cheol chaired a meeting on the financial market on Thursday, attended by Financial Supervisory Service Governor Lee Chan-jin, Financial Services Commission Chairman Lee Eog-weon and Bank of Korea Senior Deputy Governor Ryoo Sang-dai.

Participants said the domestic financial market remains stable but expressed concerns about volatility in the foreign exchange market.

The agencies agreed to conduct around-the-clock monitoring of domestic and global financial and foreign exchange markets and to respond promptly if necessary.

Participants expect the Bank of Japan’s policy rate decision scheduled for Friday to have a limited impact on financial markets, but stressed the need to closely monitor potential effects on domestic financial and currency markets stemming from policy divergence between the United States and Japan.