Government: "Limited Market Impact from US-Iran Military De-escalation... Maintaining Vigilance"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government has assessed that the possibility of military conflict between the United States and Iran has decreased, and the impact of the current situation on domestic and international financial markets and international oil prices is limited.

On the 23rd, the Ministry of Economy and Finance held the 'Japan Export Regulation and Middle East Related Ministers' Meeting' chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, announcing this assessment.

Participants in the meeting reviewed response measures for various scenarios related to Japan's export regulations. They emphasized continuing dialogue efforts to promptly restore the export regulation measures to their original state.

Regarding the Middle East situation, it was confirmed that no unusual developments have been observed so far concerning the safety of Korean residents and transit vessels in the area.

However, since political instability and uncertainty still persist in the Middle East region, the government plans to maintain vigilance and strengthen monitoring centered on a joint response system among related ministries. Additionally, if necessary, they will respond swiftly under the two main goals of ensuring the safety of Korean residents and minimizing the economic impact on Korea.

Meanwhile, the meeting was attended by Minister of Trade, Industry and Energy Sung Yun-mo, Financial Services Commission Chairman Eun Sung-soo, and others.