Economic and Financial Chiefs to Meet After One Month...Review and Response to Economic Situation

Emergency Macroeconomic and Financial Meeting Held on the 5th

[Asia Economy Reporter Seo So-jung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong, along with other heads of policy authorities, will meet after a month.

According to the Bank of Korea and the Ministry of Economy and Finance on the 2nd, Deputy Prime Minister Choo will hold an emergency macroeconomic and financial meeting at the Seoul Banking Hall on the 5th to review the recent economic situation and prepare response measures.

Governor Lee, Financial Services Commission Chairman Kim Joo-hyun, Presidential Office Economic Secretary Choi Sang-mok, and Financial Supervisory Service Governor Lee Bok-hyun will also attend the meeting.

This is the first time in about a month since the emergency macroeconomic and financial meeting on July 28 that the heads of the economy, monetary policy, and finance have gathered in one place.

In the financial market, following Federal Reserve Chairman Jerome Powell's hawkish remarks at last month's Jackson Hole meeting, the global strong dollar phenomenon has intensified, increasing financial market volatility. It is expected that the current status and response measures will be discussed.

In particular, on this day, the won-dollar exchange rate surpassed 1,360 won for the first time since the global financial crisis. The exchange rate closed at 1,362.6 won, up 7.7 won from the previous day's closing price. This is the highest level since April 1, 2009 (1,379.5 won) based on the closing price. Long- and short-term interest rates, such as the 3-year government bond yield, are also reaching new highs. Attention is focused on whether there will be any mention of financial market stabilization measures.

Furthermore, the meeting is expected to include discussions on the slowdown in export growth, the largest-ever trade deficit, and consumer prices remaining at a high level of 5-6%.

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