Financial markets could see heightened volatility in the short run due to the emergence of the new Omicron coronavirus variant, according to the government.  

First Vice Finance Minister Lee Eog-won gave the forecast on Monday when he chaired a meeting on macroeconomic conditions.

The vice minister said it’s difficult to rule out the possibility of foreign and domestic financial markets seeing increased volatility in the short run due to the lack of available information regarding the new variant, including its level of transmissibility and virulence.  

Lee stressed the need to observe the situation in a comprehensive and composed manner, saying the government’s ability to absorb market shocks from the spread of COVID-19 has grown stronger. 

Lee said the government will monitor financial markets around the clock. 

He said the government will thoroughly review market stabilization measures and take preemptive steps with related agencies if deemed necessary.