Finance minister Choo Kyung-ho says the government will remain highly alert and take appropriate measures amid the persistent risk of fluctuations in the global financial market with interest rates likely to stay high for a long period of time.

Choo made the remark on Thursday during an emergency meeting on macroeconomics in Seoul after the U.S. Federal Reserve announced its decision to keep the target range for its benchmark rate at five to five-point-25 percent to five-and-a-half percent.

He noted Fed Chairman Jerome Powell mentioned that the U.S. will determine the extent of additional policy after taking into consideration economic and financial conditions.

In a statement released Wednesday, Powell said the Fed intends to hold policy at a restrictive level until it is confident that inflation is moving down sustainably toward its goal.