South Korea's finance ministry has announced its intention to intensify efforts to stabilize the economy and financial markets amidst a period of heightened volatility, including in the foreign exchange market.

Stock markets have experienced corrections and increased fluctuations due to profit-taking and rebalancing-related selling by foreign and institutional investors, coupled with shifts in the global outlook for the artificial intelligence sector; regulators will maintain close surveillance over risk factors that could trigger excessive market turbulence.

The government will keep a close watch on the bond market and will adjust the issuance volume of long-term government bonds based on supply and demand conditions to ensure market stability.

Regarding the foreign exchange market, officials will strengthen their 24-hour monitoring systems to address potential overnight volatility, following the implementation of round-the-clock trading for the Korean won.

South Korea plans to finalize and announce a "Won Internationalization Roadmap" in July, with the goal of enhancing the currency's convertibility and its use in both current and capital account transactions.

This statement was issued following a meeting involving the Minister of Economy and Finance, the Governor of the Bank of Korea, and officials from financial regulatory bodies.