On Wednesday morning, South Korea's finance minister, Choi Sang-mok, convened meetings with officials from the central bank and key financial regulators to address the economic fallout from the martial law declaration. They emphasized establishing a constant risk management system and pledging unlimited liquidity support until markets stabilize.
Following President Yoon Suk Yeol's martial law announcement, the benchmark Kospi index dropped about 2 percent, with major companies like Samsung Electronics and Hyundai Motor all seeing significant losses amid the prevailing economic unease.
The Bank of Korea held an emergency meeting to address underlying anxieties within financial and foreign exchange markets. Officials expressed confidence in the solid fundamentals of the Korean economy, predicting that market sentiment would gradually stabilize despite recent uncertainties.
Finance Minister Choi advocated for proactive measures to protect the economy. He indicated that government officials would communicate closely with counterparts in major economies to mitigate disruptions in entrepreneurial and daily activities.
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