Emergency Meeting on the Effects of N.Korea’s Nuclear Test

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Dear our readers

 

As you may have already heard about the news, North Korea carried out its underground nuclear test today, on Tuesday February 12, 2013. This is the 3rd test, followed by the previous ones in 2006 and 2009.

 

The test today drew international condemnation, as it is ‘clear and grave violation’ of UN resolutions. The UN Security Council Meeting will be held, at 2.00 p.m. GMT on Tuesday in New York.

 

Perceiving this test as an unacceptable threat, South Korean government bodies held emergency meetings. FSC convened the meeting in cooperation with FSS, under the chairmanship of FSC’s Vice Chairman Choo Kyungho.

 

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While the nuclear test is an obvious threat to the security of the Korean peninsula and Northeast Asian region, it only had a limited impact on Korean financial market.

 

Right after North Korea’s nuclear test was reported, the KOSPI temporarily fell by 10 points but instantly bounced back. Foreign exchange market also remains stable with a net capital inflow from abroad. This widely-anticipated move by North Korea had a limited impact on Korean financial market, which let market conditions quickly recover to the normal.

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The FSC/FSS will continue to monitor domestic and overseas financial market situations and execute contingency measures to keep market stable if needed.

 

 

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