Top finance and economic officials held a meeting on Thursday to discuss the U.S. Federal Reserve’s biggest interest rate hike in some 30 years.

Finance minister Choo Kyung-ho said the government and central bank will stay alert and counter any volatilities stemming from the action, assessing that the international financial market may witness further fluctuations amid concerns of an economic slowdown.

On the possibility that the Bank of Korea(BOK) may raise the nation’s benchmark interest rate by half a percentage point next month, BOK Governor Rhee Chang-yong said the bank will reach a decision after monitoring global market trends, pointing out that there is some time left until the bank holds its own meeting to set rates.

Participants of Thursday’s meeting vowed to strengthen joint response measures to prevent a further spread of jitters in the financial and foreign exchange markets.

In particular, they pledged to remain alert to any excessive volatility surrounding the Korean won while mitigating herding behavior in the foreign exchange market.