Seoul: The South Korean government said Monday it will take prompt and decisive action in the case of any excessive market volatility stemming from rising tensions in the Middle East, following the Israeli strikes on Iran.

According to Qatar News Agency, South Korea’s Ministry of Economy and Finance said the decision was made during a virtual meeting that brought together senior officials from the finance, foreign and industry ministries, as well as representatives from the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service.

“In the event of excessive market volatility that is deemed to be detached from the country’s economic fundamentals, authorities plan to take prompt and decisive action in accordance with contingency plans,” the ministry said.

Authorities also pledged to ensure stable energy supply management and minimize disruptions to trade and logistics, the ministry said.

Measures include liquidity support for exporters affected by the conflict in the Middle East and securing dedicated shipping space for small and medium-sized enterprises.