The Turkish lira plunged sharply after Imamor, the mayor of Istanbul, who was a major political opponent of President Erdogan, was detained for corruption and funding terrorist organizations. It instantly plunged from around ¥4.05 to around ¥3.53 against the yen, and from around 36.80 to around 40.50 against the dollar.
Considering the movement against the dollar, the drop to 3.53 yen against the yen was excessive. It should have settled around 3.7 yen. Many investors are likely to have suffered large losses. The impact of this drop caused the Le-Yen and Euro-Yen to plunge temporarily, but they eventually returned to normal. Nevertheless, they were severely damaged, and the 4-yen level is likely to be difficult to reach for some time.

As for the dollar, BOJ Governor Ueda did not clearly state his position on either bulls or bears at his press conference, so players who were expecting a move toward a weaker yen were probably disappointed, partly due to the Turkish lira’s move.

The FOMC lowered its growth outlook and raised its inflation outlook. If one only follows the numbers, the risk of stagflation was felt, and the dollar sold off, while U.S. stocks closed higher, perhaps welcoming the drop in interest rates. It was confirmed that the Trump tariffs are making the Fed’s job very difficult.
The Swiss Central Bank cut rates as expected, but the latest round of rate cuts suggested that the end was near. European stocks are being forced to take profits en masse, and it appears that the trend of rising European stocks and the euro since the German policy change is entering an adjustment phase.
However, this appears to be an adjustment, and we would like to buy where the euro has softened.