The finance ministry and the Bank of Korea(BOK) issued a joint statement on Tuesday amid growing volatility in the financial market sparked by uncertainties surrounding the situation in the Middle East. 

The statement said foreign exchange authorities are keeping a close eye on the financial market with particular vigilance regarding changes in exchange rates, as well as the supply and demand of foreign currency. 

The authorities stressed that excessive herd behavior in the foreign exchange market is not desirable for the nation’s economy.

The verbal intervention comes as the won weakened against the U.S. dollar past the one-thousand-400 won mark at 11:31 a.m. on Tuesday for the first time in roughly 17 months. 

The surge in the rate came as risk aversion expanded due to the uncertainties in the Middle East amid a continuous strong dollar, which is regarded as a safe asset.