The Bank of Korea said Friday that it will take active steps to help stabilize the local market, noting the volatility in the country's financial markets may seem excessive.

"The Bank of Korea plans to actively use its policy measures to stabilize the financial market as the volatility in the local financial and foreign exchange markets is expanding due to the impact from the spread of COVID-19," the central bank said after an emergency meeting.

The meeting, chaired by BOK Dep. Gov. Yoon Myun-shik, came after the yield on government Treasurys sharply shot up.

"(The BOK) especially plans to come up with adequate market stabilization steps through open market operations if necessary while maintaining a close watch against sudden changes in the bond market, such as the sharp increase in the rate on government bonds at the opening of the market today," it said. (Yonhap)