S.Korea President vows to cushion economic shocks

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S.Korea President vows to cushion economic shocks

SEOUL: South Korean President Yoon Suk-yeol promised on Thursday to deal with economic shocks in one of the most direct indications of a sense of panic in financial markets.

The country's stock and bond prices went up as the currency's value rebounded after a simultaneous sell-off on Wednesday, helped by a slew of steps announced in several countries overnight.

Yoon told reporters while he was in his office that the government will do the cushioning effort well so that the various economic shocks don't cause problems for people's livelihood.

One of the clear signs from Yoon about the government's intention to keep stability in local markets is that they have been fluctuating excessively in response to global issues in recent weeks, according to analysts.

The responses of the local markets were excessive, according to Koh Tae-bong, head of research at HI Investment Securities.

He pointed out that the country's government bond market saw some of the biggest fluctuations in recent days, notably since the end of the US Federal Reserve's policy meeting last week.