The finance ministry says it will closely monitor the market in light of lingering uncertainties after the U.S. Federal Reserve kept its key interest rate unchanged for the sixth consecutive time. 

The ministry issued its position on Thursday in an emergency economy meeting held a day after the Fed announced its decision to maintain the target range for the federal funds rate at five-point-25 percent to five-point-five percent.

Finance minister Choi Sang-mok presided over the meeting virtually from Istanbul, Türkiye, where he is staying to attend a meeting of finance ministers and central bank governors of the ASEAN and South Korea, China and Japan. 

The participants in the finance ministry’s meeting agreed on close cooperation among related organizations to address lingering uncertainties such as the timing and scope of rate cuts in major countries and heightened tensions in the Middle East. 

While assessing that Korea’s economic fundamentals remain solid with strong exports, they agreed to implement bold measures to stabilize the market if volatility becomes excessive. 

They also decided to continue the management of real estate project financing risks and to enhance support for vulnerable groups facing difficulties as a result of high interest rates.