Finance Minister Choi Sang-mok said Wednesday that the government will continue to closely monitor the market and to fully implement market stabilization measures amid lingering uncertainties from a political crisis.

Choi made the remarks during a daily emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials, as the government is scurrying to minimize economic impacts of President Yoon Suk Yeol's short-lived imposition of martial law last week.

"As uncertainties remain high, the government will closely monitor the financial and foreign exchange markets and respond sufficiently to excessive volatility until market sentiment turns positive," Choi said.

Following the martial law fiasco, the stock market tumbled before paring some of the earlier losses on Tuesday. The Korean won weakened markedly to stay well below the 1,400 won level.

The BOK has begun repo operations in an effort to inject "unlimited liquidity" to the market and such measures will continue to be implemented until the market is fully settled, the minister said.

The government and financial authorities also vowed to maintain close consultations with major countries, foreign analysts and investors to help boost their understanding about the domestic situation and reiterate the country's strong economic fundamentals, he added.

On Tuesday, Choi held a meeting with U.S. Treasury Secretary Janet Yellen via teleconferencing, where Yellen reaffirmed strong bilateral economic ties. (Yonhap)