The Financial Services Commission and the Financial Supervisory Service held an emergency meeting to review increased volatility in domestic stock markets together with officials from the Korea Exchange and Korea Center for International Finance on August 5. Both the Kospi and Kosdaq markets experienced large drops in two straight trading sessions as the concern about a weakening U.S. economy led to foreign selloffs in large scale. Although this market volatility is similarly observed in other stock markets around the world, participants at the meeting assessed that the rout is particularly pronounced across the Asian markets, including Korea, Japan, and Taiwan. In this regard, FSC Chairman Kim Byoung Hwan said that considering our economy's growth fundamentals and the capacity to withstand challenges, market participants need to make decisions more rationally. Chairman Kim also urged officials to stay vigilant to closely monitor situations in stock market and foreign exchange market and be prepared to promptly take actions to stabilize market when deemed necessary.