South Korea’s finance ministry convened an emergency macroeconomic and financial meeting on Thursday to assess market conditions after the U.S. Federal Reserve held interest rates steady and as risks from the Middle East conflict continue to drive energy prices and market uncertainty. Officials said the Fed’s decision to keep its policy rate at 3.5% to 3.75% was in line with expectations, but noted that elevated energy prices and geopolitical tensions are sustaining uncertainty over the policy outlook and contributing to volatility in foreign exchange and bond markets.

Participants, including Bank of Korea Governor Shin Hyun-song and financial regulators, said South