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Moon calls for vigilance against risks of fake news causing market instability

Politics 14:55 August 13, 2019

SEOUL, Aug. 13 (Yonhap) -- President Moon Jae-in ordered government officials Tuesday to be vigilant about the possibility that groundless fake information could increase financial market instability amid deepening economic woes.

The president also called for efforts to tackle economic headwinds with determination that range from a trade war between the United States and China to Tokyo's export restrictions against South Korea.

"The government should tackle the grave economic situation with enhanced determination, but it should be wary of the possibility that groundless fake news, fabricated information and exaggerated outlooks could raise market uneasiness," Moon said during a Cabinet meeting.

"(Economic outlooks based on fake news) are wrong assessments and do harm to the economy," he added.

President Moon Jae-in (C) presides over a Cabinet meeting at his office Cheong Wa Dae in Seoul on Aug. 13, 2019. (Yonhap)

His remarks were apparently intended to raise alertness against the risks of fake news that could destabilize the local financial markets amid Japan's export curbs against South Korea.

The Korean stock market suffered heavy sell-offs last week, with its key stock index dipping to a three-year low amid an intensifying trade spat between the United States and China.

Moon stressed that the fundamentals of the Korean economy remain strong, citing global credit appraisers' assessment of Asia's fourth-largest economy.

"The growth momentum has slowed due to heightened economic uncertainty. But the growth path of the Korean economy remains solid, given the strong financial soundness, prompting credit ratings agencies to provide a positive evaluation of the Korean economy," he added.

The president also raised the need to explore all available resources to tackle Japan's trade restrictions and implement policy to boost the vitality of the local economy as well.

sooyeon@yna.co.kr
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