Financial watchdog chief calls for measures for market stability, financial prudence
The chief of South Korea's financial watchdog said Tuesday the country needs to map out all feasible measures for the market stability and prudence of financial institutions amid increased volatility.
In a meeting with staff, Lee Bok-hyun, governor of the Financial Supervisory Service, said the United States' reciprocal tariffs are feared to cause a global trade war, which will lead to an economic slump and further stir market volatility.
"We need to analyze the impacts from the looming tariff war and take measures in advance to minimize any fallout," he said.
The FSS chief also called for steps to thoroughly monitor the capital market and prudence of banks.
On Monday, the benchmark Korea Composite Stock Price Index (KOSPI) plunged by more than 5.5 percent, marking a fourth consecutive session of losses as investors were shaken by concerns over an escalating global trade war, exacerbated by reciprocal tariffs imposed by the US.
The South Korean won also experienced its sharpest decline against the US dollar since the COVID-19 pandemic. (Yonhap)
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