Minister Jung Eun-kyeong of the Ministry of Health and Welfare said there is a risk that the instability of exchange rates and the expansion of volatility in external markets could act as burdens on the operation of the National Pension Fund.
The Minister stated accordingly in opening remarks at the 6th National Pension Fund Management Committee (Fund Committee) held at the annex of the Government Complex Seoul in Jongno-gu, Seoul, on Nov. 24.
Jung said, "Recently, the domestic financial market has been generally strong," and "The global financial market is also continuing its strength due to progress in tariff negotiations and expanded investment and strong earnings by corporations related to artificial intelligence (AI)."
The Minister said, "Progress in tariff negotiations among trading partners and solid investment by corporations centered on AI are acting as positive factors for the stock market," but added, "However, risks remain that the instability of exchange rates and the expansion of volatility in external markets will act as burdening factors."
The Minister said, "I ask the Fund Management Headquarters to respond nimbly based on thorough analysis of the market to protect the profitability and stability of the National Pension Fund," adding, "At today's meeting, we will first deliberate and decide on an amendment to the fund management plan to secure resources for National Pension benefit payments, and we will report plans to activate stewardship activities related to serious industrial accidents."
Meanwhile, separate from the Fund Committee, the Ministry of Health and Welfare, the National Pension Service, the Ministry of Economy and Finance, and the Bank of Korea held their first closed-door meeting to discuss measures to stabilize exchange rates on the same day. Foreign exchange authorities are said to plan to continue related consultations by meeting from time to time, starting with this kick-off meeting. (☞Related article: [Exclusive] "Exchange rate measure consultative body" holds first meeting today... to operate from time to time)