TAIPEI (Taiwan News) — Taiwan’s government has said it will intervene in the stock market if it senses irrationality or panic in the market after the Taiex tumbled 461.18 points on Thursday (Feb. 24) on news Russia has begun an invasion of Ukraine.

Lo Ping-cheng (羅秉成), spokesperson for Taiwan’s Executive Yuan, said international tensions are clearly causing instability in the markets, per a NewTalk report. Taiwan’s authorities will monitor the situation closely to determine whether this is leading to irrational or panicky sentiment among investors, he added.

“If we need to intervene to maintain stability in the markets, we definitely will,” Lo said.

Taiwan’s National Security Council has set up a contingency task force to cover the situation in Ukraine, named the “Ukrainian Status Response Team.” The relevant ministries have closely followed the situation between Russia and Ukraine for several years, Lo added, including projecting the likely impact on material supplies and prices, and are prepared for what could happen next.

Lo was confident the country’s Agricultural Ministry has adequately prepared stock reserves of corn, soy, and other essentials to adjust to the changing international situation. As for the markets, Lo says that if irrational behavior or even manipulation of the stock market occurs, the authorities will trigger mechanisms like the National Financial Stabilization Fund and take countermeasures accordingly.