In-depth: Global market wrap-up

It's time now for an in-depth look at the market news today.
And for that, I'm joined on the line by Mr. Daniel Yoo, global strategist at Yuanta Securities.
Mr. Yoo, thank you for coming on today.
Thank you.
So, as was expected by just about everyone, the Fed has decided to lower rates by 25 basis points. This is just two months since the last rate cut. What was behind that decision and what's been the reaction in the markets?
"It's been a turbulent week in the overnight funding markets, where short-term rates spiked to levels as high as 10% Monday and Tuesday before the Fed calmed it down.
"The Fed was forced to do two open market operations to tame the rate move, but its own fed funds target rate, in an unusual move, rose to 2.3% - above the fed funds target rate range it set on July 31.
"Market pros said the problem came from a cash crunch, not a credit crisis, but the Fed will have to find a permanent fix for it before it impacts the financial system.
"Fed Chairman Jerome Powell said he expects the market to steady and said the Fed is ready to intervene as needed.
"The central bank announces it's taking down its benchmark overnight lending rate to a target range of 1.75% to 2%.
"According to the Fed's "dot plot" of individual expectations, five members thought the FOMC should have held its previous range of 2% to 2.25%, five approved of the 25 basis point cut but keeping rates there through the rest of the year, and seven favored at least one more cut this year.
"The committee again cites "the implications of global developments for the economic outlook as well as muted inflation pressures" as the primary rationale for Wednesday's cut.
NOT too excited.
Wall Street was mixed on Wednesday. Most Asian stock markets are higher today, including Korea's. Take us through the action there and elsewhere.
Japanese stocks pared gains and the yen climbed after the Bank of Japan left its policy settings unchanged while noting rising risks from overseas.
Australia's dollar slumped after the unemployment rate rose. U.S. stock futures retreated, Hong Kong shares slumped and China's yuan dropped as investors took stock of the Federal Reserve's interest-rate cut and the odds for the People's Bank of China to lower borrowing costs. Equities were little changed in Shanghai.
We'd seen the Korean currency start to gain back some strength against the dollar the past few weeks. We'd even talked about the 11-40 level as a possibility again this year, but it's weakened again. There's also the tensions in the Middle East, which affect oil. So where do you see the Korean currency going?
The South Korean won is expected to further advance against the dollar for some time on what analysts called long-awaited but unanticipated positive developments that are helping remove some uncertainties facing Korea.
The won's sharp appreciation will likely be limited due to the country's weakening fundamentals, such as slowing exports.
South Korea's exports have dropped for nine conse