Finance Minister Yoo Il-ho says the government will swiftly and firmly respond to radical changes in foreign exchange rates.

The minister made the remark on Monday to reporters after meeting with customs officials at Incheon International Airport.

Yoo said that in principle, the foreign exchange rate is decided by the market, but now is the time to closely monitor volatility in the foreign exchange market, hinting at a possible intervention in an extreme case.

He added the ministry has assessed several factors of radical fluctuations in the foreign exchange rate, adding it will continue to watch how the market changes.