"Past Cases Also Show Shock as Temporary and Limited"
Financial Supervisory Service Chief Plans to Strengthen Communication with Overseas Organizations and Companies
Amid the martial law and impeachment political turmoil, Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), met with Koichi Mizushima, the Japanese Ambassador to Korea, on the 10th and stated, "To enhance market confidence, we will consistently pursue the ongoing initiatives such as improving corporate governance, value-up programs, advancing the foreign exchange market, and inclusion in the World Government Bond Index (WGBI)."
On the same day, ahead of the regular financial supervisory meeting with the Japanese Financial Services Agency Minister scheduled for December 16-17, Governor Lee held a meeting with Ambassador Mizushima at the FSS headquarters and said, "The Korean financial authorities are responding promptly through market stabilization measures including unlimited liquidity supply, while operating a 24-hour monitoring system to thoroughly manage market fluctuations."
He added, "Recently, domestic political uncertainties have raised internal and external concerns about the Korean economy and finance," but explained, "Looking at past cases, shocks from non-economic factors such as politics have been temporary and limited."
In response, Ambassador Mizushima emphasized, "Close cooperation and collaborative efforts between Korean and Japanese financial authorities are important for the stability of the East Asian regional financial market." Going forward, the FSS plans to expand communication with overseas supervisory authorities, international organizations, global financial firms, and institutional investors to enhance the external credibility of the Korean economy and financial market.
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