South Korean leader Moon Jae-in has called on the government to take "every possible measure" to boost the economy amid the novel coronavirus outbreak.
"An emergency situation requires an emergency prescription. Please take preemptive and extraordinary responses in both the national safety and public welfare economy", Moon tweeted on Tuesday following a cabinet meeting.
Moon advised to make the crisis an opportunity for development and take a lesson from Japan's experience of improper export regulations that the excessive dependence of the economy could be a threat. The president said South Korea should accelerate the diversification of import ships, foster the material, parts and equipment industries, and develop new markets.
"In addition, we should expand the opportunities for Korean companies to return to Korea and actively attract foreign investment."
Following the cabinet meeting, South Korea's 3-year Treasury Bond futures extended gains significantly.
A new strain of coronavirus causing pneumonia was first registered in the Chinese city of Wuhan, in Hubei province, and has since spread to more than 25 countries, stimulating concerns over its potential effect on the global economy.