Seoul: Finance Minister Koo Yun-cheol stated Thursday that volatility in the financial and foreign exchange markets has "somewhat eased" following a two-week ceasefire between the United States and Iran.

According to Yonhap News Agency, the announcement that U.S. President Donald Trump would suspend strikes on Iran for two weeks led to a significant surge in South Korean stocks, which rose nearly 7 percent on Wednesday. Additionally, the Korean won experienced a sharp strengthening against the U.S. dollar.

"Amid the recent two-week ceasefire in the Middle East conflict, volatility in the financial and foreign exchange markets appears to have somewhat eased," Koo remarked during a ministerial-level meeting on stabilizing consumer prices. Despite these developments, he emphasized that the government will remain vigilant and continue to prioritize maintaining macroeconomic stability both domestically and internationally.

Koo further highlighted the government's commitment to alleviating the burden on people's livelihoods by enhancing distribution structures for essential goods. He also addressed the challenges faced by businesses and emphasized the importance of establishing a fair market order, the ministry reported.