South Korea will take "swift" and "proactive" action against any financial market instability in accordance with its contingency plans, the country's top economic and financial policymaker said Wednesday, addressing growing worries over the fallout from U.S. Fed tapering on emerging market countries. "We are closely watching the market on worries that the market instability could prolong in emerging markets, and that it could spill over into other emerging and even advanced countries at a time when the U.S. pushes to taper off its quantitative easing program," Finance Minister Hyun Oh-seok said at a meeting with other policymakers in Seoul.