President Lee: "Active response to rising volatility in stock, currency and financial markets"

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[Financial News] After returning from a four-day visit to two Association of Southeast Asian Nations (ASEAN) member states, President Lee Jae-myung convened an emergency Cabinet meeting on the 5th to discuss responses to the situation in the Middle East and stressed his determination to stabilize financial markets.
Presiding over the Cabinet meeting at Cheong Wa Dae, President Lee remarked, "It seems quite a lot has happened in the few days I was abroad." He added, "The Republic of Korea has wisely overcome countless crises so far. We can even turn this into a good opportunity, as if taking a breather after a fall."
Referring to the escalating crisis in the Middle East, President Lee instructed each ministry to recognize the gravity of the situation and to swiftly and thoroughly implement detailed measures for all foreseeable problems.
First, he stated, "We must respond actively to the growing volatility in financial markets, such as stocks and exchange rates." He continued, "The government should accelerate policy efforts to stabilize capital markets and improve their fundamentals, and I ask that you properly and swiftly execute and manage the 100 trillion won market stabilization program that was prepared to preempt instability in the money market."
He went on, "I also ask that you thoroughly block criminal acts such as the spread of fake news and market manipulation, which tend to run rampant at times like this." He emphasized, "In particular, those who seek to profit by stirring up confusion in the national economy must be held strictly accountable under a principle of zero tolerance."
Pointing specifically to rising prices at gas stations, he said, "Objectively, there has not yet been any serious disruption in fuel supply, and yet I am told that gasoline prices at gas stations have suddenly soared. We will look into this, and I would like you to discuss in concrete terms what sanctions are available."
He added, "We must also work to minimize the impact on the real economy. Companies with high export dependence on the Middle East, as well as sectors such as shipping, will be directly affected by this situation, so I ask that you move quickly to provide broad policy finance support."
cjk@fnnews.com Choi Jong-geun, Seong Seok-woo Reporter