Economic and financial leaders assessed that the nation's market may see increased volatility due to the differing monetary policies in major countries and announced that they would respond accordingly.

Minister of Economy and Finance and Deputy Prime Minister Choi Sang-mok held an emergency macroeconomic and financial meeting at the Korea Federation of Banks on Thursday and discussed the impact of the interest rate freeze by the U.S. central bank, the domestic and foreign financial markets, and the foreign exchange market.

During the meeting, Choi said that the U.S. Fed’s decision to freeze rates for the fifth consecutive time will contribute to maintaining stability in the global financial market.

However, he warned that the differences in the monetary policies of major central banks, such as the Bank of Japan and the U.S. Fed have recently become noticeable and that the possibility of increased volatility cannot be ruled out.

The meeting was attended by Bank of Korea Governor Rhee Chang-yong, the chair of the Financial Services Commission Kim Joo-hyung, and chief of the Financial Supervisory Service Lee Bok-hyun.