The Financial Services Commission(FSC) on Tuesday reviewed trends and risk factors of domestic and overseas financial markets in a meeting of related agencies.

Participants assessed that volatility around the world is sharply rising with key nations, including the U.S., planning to tighten their monetary policies.

FSC Chairman Kim So-young, who chaired Tuesday’s meeting, said the world is facing a serious situation as, on top of high inflation, it is also seeing key economies pushing to tighten their monetary policies while facing geopolitical risks, including the war in Ukraine.

Kim then ordered participants to keep a close eye on market trends and risk factors while thoroughly reviewing the response measures in place so the nation can be fully prepared.

Meanwhile, the Bank of Korea also held an emergency meeting on Tuesday and assessed how the latest changes in the international financial market could impact the nation’s financial and foreign exchange markets.