S Korea to combat falling yen, lift stock market

[SEOUL] South Korea pledged on Thursday to help exporters handle fallout from the falling yen and to boost the local stock market as the country struggles to jumpstart depressed domestic demand.

Finance Minister Choi Kyung-hwan told local journalists the accelerating depreciation of the yen had raised concerns about the potential impact on export industries. "Many people say that (the authorities) must have countermeasures ready in preparation for the yen staying weak for a long period, and the government also thinks so," Mr Choi said in response to a question.

But he said the government had no intention of intervening in the currency market to directly move foreign exchange rates. The government's role would continue to be one of smoothing operations in times of heightened volatility.