Financial authorities convened an emergency meeting on Friday, to monitor local markets amid increased fluctuation following the outcome of the U.S. Federal Open Market Committee's(FOMC) January meeting.

Financial Service Commission(FSC) Chairman Koh Seung-beom called for a thorough monitoring of market trends in response to shares on the local bourse sharply dropping the previous day, as well as volatility in the U.S. stock market.

The FSC chief, however, warned against excessive market concerns over the benchmark KOSPI's tumble for the past five trading sessions, when comparing it to similar drops in other countries, citing Korea's growth and robust exports that have continued in January. The key index has shed some 6 percent in the past week.

Financial Supervisory Service(FSS) Governor Jeong Eun-bo convened a separate meeting to check up on the financial situation in line with the Fed's austerity measures.

The FSS chief said inflationary pressure is on the rise amid growing concerns over the Fed's accelerated tapering, the rapid global spread of the omicron COVID-19 variant, and prolonged supply chain disruptions.