SEOUL, Feb 7 (Reuters) - South Korea’s finance minister said on Wednesday the government is closely watching foreign exchange market movements and pledged to take action in the event of any excessive volatility in asset price shifts.
“We’re watching markets closely, and plan to deploy measures to stabilize currency markets and capital markets if volatilities grows,” Kim Dong-yeon told reporters after a policy meeting with other ministers in Seoul.
His comments come amid a rout in global equities markets and a spike in volatility, though the situation calmed somewhat overnight and in Wednesday’s Asian trade.
The won was quoted at 1,084.0 per dollar as of 0335 GMT, 0.7 percent firmer than its previous close at 1,091.5, as investors made a tentative re-entry into riskier assets with Wall Street bouncing from days of deepening losses.
Reporting by Seung-gyu Lim and Cynthia Kim Editing by Shri Navaratnam