Gov't to 'closely monitor' markets as Fed signals rate cuts in 2024

Finance Minister Choo Kyung-ho said Thursday that the government will closely monitor finance and foreign exchange markets and implement measures accordingly.

Finance Minister Choo Kyung-ho speaks at a meeting with heads of financial authorities on Thursday. [YONHAP]

Finance Minister Choo Kyung-ho said Thursday that the government will closely monitor finance and currency exchange markets and implement measures accordingly to stabilize financial markets, while citing high interest rates, anxiety in property financing and global economic uncertainties.

Choo made the remarks at a meeting with heads of financial authorities after the U.S. Federal Reserve held its benchmark lending rate steady for a third consecutive time and signaled at least three rate cuts next year.

"Recently, the [Korean] financial market, including the stock and foreign exchange markets, has mirrored the trends observed in major economies while maintaining stability," the Finance Ministry said.

"The government and the Bank of Korea plan to stay vigilant, managing risks in vulnerable areas to prevent the growth of market volatility at the year's end and the beginning of 2024," he said.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]