Finance Minister Yoo Il-ho has stressed that the Park Geun-hye administration's top economic priority is to salvage the country out of the path that plunged Japan into a long-standing slump in the past decades.

Yoo made the remark Wednesday during a morning lecture at the Seoul Financial Forum held at the Seoul Plaza Hotel in Seoul.

Yoo said both short-term policies and long-term policies are important to prevent the country from following suit with Japan, adding the local economy should avoid getting jabbed by external variables and reaching the point where it cannot stand on its feet again.

He said a balance between short-term economic policies and long-term efforts to restructure the economy and overhaul its growth potential is necessary. 

Yoo also said the government will act swiftly and sternly, should the local financial market give off any abnormal signals. However, he assured that it is not the time to do so, citing falling exchange rates and the rising stock index in recent days.

The minister also reiterated that labor bills and the service industry promotion act should be passed as early as possible.