South Korea's new president Yoon Suk-yeol expressed his concerns over higher inflation during his speech on Wednesday.

The new South Korean President said that “price growth is the biggest problem,” per Yonhap.

These comments come after the country’s exports jump 8.9% for the first 10 days of May.

Meanwhile, the nation’s Finance Minister Choo Kyung-ho said at the beginning of a meeting with the ruling party, "as for the funding, we have made all efforts to secure resources, including readjustment of existing spending plans and carried-over tax revenue surplus.”

Market reaction

USD/KRW is trading at 1,277.05, up 0.05% on the day, having spiked to two-year highs of 1,280.20 in an immediate reaction to the above comments.