SEOUL, KOREA - Financial Services Commission chairman Shin Je-yoon said the impact of the remarks by the U.S. Fed chairman Ben Bernanke on the domestic financial markets would be limited.
He said this on June 24 in a meeting with Financial Services Commission high-ranking officials, adding, "The financial markets in and outside Korea are responding too sensitively to Bernanke's announcement about the end of the Fed's massive bond purchases, but we should understand this is part of a normalization process."
"Korea has not been affected by his comments as hard as any other emerging economies and won't be so for the foreseeable future. But we must be alert to what may happen and watchful about all possible risk factors," he added.
He also said, "Through the corporate credit risk evaluation that's currently going on, we should normalize operations of corporations that can be viable through all available means while restructuring those that are not as quickly as possible."
On June 19, the Fed chairman Ben Bernanke said that the Fed's US$85-billion-a-month bond purchases could soon be reduced. He had delivered the same message on May 22 in a U.S. Congress testimony.
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