In the wake of the Federal Reserve's interest rate hike on Wednesday, South Korean financial authorities have vowed to thoroughly address resulting concerns. 

The Finance Ministry, the Bank of Korea and the Financial Services Commission held discussions on Thursday on an appropriate response to the Fed's raising its key rate by a quarter percentage point to a range of two-point-25 percent to two-point-five percent. 

The Wednesday hike was the fourth this year following quarter percentage point increases in March, June and September. 

At the meeting, First Vice Finance Minister Lee Ho-seung said thorough preparations will be made to address additional concerns. 

He said despite worries the rate hike could lead to an outflow of foreign capital, the South Korean market is maintaining net inflow, apparently thanks to the domestic economy’s strong fundamentals and credibility. 

He was quick to add, however, financial authorities will maintain an around-the-clock monitoring system given the trade conflict between the U.S. and China and uncertainties that could rise in emerging markets. He also said authorities will make preparations to tackle any contingencies in the market. 

Lee said the fact that the U.S. reduced the number of projected rate hikes for next year from three to two suggests a coming slowdown in the U.S. economy, which he said should be closely monitored.