The key takeaways from Yonhap

"Called to make thorough policy efforts in order to better deal with the economic fallout from Russia's invasion Ukraine and manage growing inflationary pressure amid rising energy prices."

"Also, attention was drawn to increased economic risks as the Korean dollar has sharply weakened in comparison to the US dollars due investors' desire for safer assets."

His remarks come just days after Yoon Suk-yeol, the main opposition candidate, was elected as South Korea’s next president to succeed outgoing President Moon Jae.

South Korea's President-elect Yoon stated that he would convert to a private sector-oriented economy, not government driven, and create jobs as well as expanding the middle class.

Reaction of the market

The USD/KRW surges to new highs amid concerns about South Korean economic growth and a wide US dollar rebound. It had fallen to 1,222.75 the day before.