Amid widespread worries following the sudden capitualtion of the Turkish lira,... Asia's financial markets closed sharply lower on Monday as the shock rippled around the world.<br />Turkey's central bank has promised to increase cash liquidity in order to stabilize the market, but with the lira's value continuing to crash -- whether it works remains to be seen.<br />Kim Hyo-sun reports. <br /> Turkey's central bank laid out measures on Monday aimed at calming the market... after the Turkish lira went into a tailspin.<br />It said it's ready to provide banks with all the liquidity they need. <br />The central bank added it will cut the lira's reserve requirement ratio,... a move that's expected to free up ten billion lira, six billion U.S. dollars and gold liquidity worth three billion dollars. <br /> The spreading financial uncertainties caused by the tumbling lira slammed Asian markets on Monday. <br />Japan's Nikkei slid two percent while South Korea's KOSPI lost one-point-five percent, closing at a low not seen in 15 months. <br />The lira was traded at an all-time-low in the Asian market,... and it drove global demand for the safe-haven U.S. dollar and Japanese yen.<br /> Although the lira crisis is expected to have a limited long-term impact on South Korea,... Deputy Prime Minister and Minister of Economy and Finance Kim Dong-yeon explained on Monday that Seoul is keeping a close eye on whether it spreads to other emerging economies. <br /> He also said the government will take necessary measures to stabilize the local market if exchange volatility reaches a certain point.<br />Kim Hyo-sun, Arirang News. <br />
