President Yoon Suk Yeol pledged to take timely measures in accordance with a rapid response blueprint to contain mounting jitters in the global financial market triggered by a series of rate hikes by the U.S. Federal Reserve.

Presiding over a macrofinancial meeting on Friday, Yoon said the unprecedented strength of the greenback has heightened volatility in the domestic currency exchange and financial markets, prompting concerns of an economic slowdown.

Stating that the national response will determine the severity of the impact from external factors, the president urged economic authorities to monitor the situation around-the-clock under the supervision of the finance minister.

Yoon called upon attendees at the meeting to turn the crisis into an opportunity to forge an economy with the private sector and the market at its core.

The president highlighted the importance of an overall transition to energy-efficient industries to reduce the nation’s exposure to fluctuations in global energy prices.