The government and the Bank of Korea are holding consecutive situation assessment meetings on the 27th as uncertainty in the financial markets increases due to the spread of the novel coronavirus, known as 'Wuhan pneumonia.'
Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, will chair an expanded macroeconomic and financial meeting at 4 p.m. at the Government Seoul Office. Amid growing uncertainty in the international financial markets caused by the spread of Wuhan pneumonia, the meeting will comprehensively review changes in the international financial market situation and the potential impact on the domestic financial market.
This is an unscheduled emergency convening. Attendees of the macroeconomic and financial meeting include officials from the Ministry of Economy and Finance, the Financial Services Commission, the Financial Supervisory Service, the Bank of Korea, and the Korea Center for International Finance.
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will chair an executive meeting on Wuhan pneumonia in the afternoon. Eun Sung-soo, Chairman of the Financial Services Commission, will also gather related bureau chiefs for a situation review meeting on Wuhan pneumonia. They plan to discuss the spread of Wuhan pneumonia, its impact on the Korean financial market, and necessary future measures. The Financial Services Commission is closely monitoring the possibility that this incident could escalate to the level of the 2002-2003 Severe Acute Respiratory Syndrome (SARS) outbreak. The SARS outbreak was cited as a cause for the decline in economic growth rates of affected countries at the time, having a significant impact.
The Bank of Korea will hold a financial and economic situation review meeting at 2 p.m., chaired by Governor Lee Ju-yeol. Originally scheduled for 8 a.m. on the 28th, the meeting was moved up due to increased uncertainty in the financial markets. During the holiday period, the Bank of Korea has been monitoring international financial markets and Korea-related indicators 24 hours a day, focusing on foreign exchange operators and overseas offices located in major financial centers such as New York and London. The domestic stock and foreign exchange markets have been closed from the 24th through today due to the Lunar New Year holiday.
Meanwhile, due to the impact of Wuhan pneumonia, Japan's Nikkei 225 index fell by more than 2% at one point this morning.
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