Financial regulator vows to actively cope with market volatility if needed

The head of the financial regulator on Monday pledged to actively cope with market volatility if needed, amid heightened tensions in the Middle East following Iran's missile and drone strikes against Israel. Kim Joo-hyun, chairman of the Financial Services Commission (FSC), noted the country's financial market currently remains stable due to limited exposure to the crisis in the Middle East. In an emergency meeting to check market conditions, Kim said, "Our financial market seems to remain stable, but uncertainties related to changes in the United States' fiscal policy continue to grow, while geopolitical risks in the Middle East are growing." Other participants in the meeting noted the country's direct financial exposure to Iran stood at US$1 million, while its exposure to Israel was at $290 million as of end-2023. Kim then called for "calm and objective" steps to deal with the crisis, saying, "There is no need for market participants to be overly concerned," according to the FSC. The financial regulat or said it will step up its monitoring of local and global market conditions while maintaining close communication with the market to prepare for any escalation of tensions in the Middle East. Source: Yonhap News Agency