In an emergency macroeconomic finance meeting convened after Britain voted to leave the EU on Friday, Vice Finance Minister Choi Sang-mok said the government will immediately set up a joint team comprising finance and related ministries to closely monitor market situations at home and abroad.

He predicted that there will be great confusion in the markets not only in Britain but around the world.

While the negative fallout will be inevitable, Choi stressed that South Korea's external soundness and financial health remains top notch including the current account surplus and foreign currency reserves.

He noted that G-7 countries and the European Central Bank are jointly pursuing market stabilization measures and added that South Korea will also make every effort for global collaboration with China and Japan.