South Korea's finance ministry has vowed to take preemptive measures, if needed, to quell market volatility following the U.S. Federal Reserve’s rate hike of half a percentage point.

During a macroeconomic review meeting on Friday, first vice finance minister Lee Eog-weon said external uncertainties have amplified concerns over high volatility in South Korea's financial market. He vowed to closely monitor the situation and take measures to swiftly stabilize the market when needed.

He noted, however, that these global uncertainties have so far had little impact on the country's economy, citing the country's strong fundamentals, external credibility and ability to respond to global shockwaves.

On Wednesday, the U.S. central bank jacked up its benchmark interest rates by half a percentage point, the sharpest increase in over two decades, in an attempt to curb the country's worst inflation in about 40 years.