It might still go on.

This seems to be a turning point.

While the American market is also stagnant, the timing seems to be right for a rate hike, but if it is implemented, it may further stimulate a decline in stock prices and cool down. Intervening in advance with statements of a rate hike may add to the pressure, and if carried out, it might have even more impact.

However, major companies have been significantly affected, as they have been calculating profits in foreign currency. If a rate hike had caused a drop without intervention, it might have been considered well done. But that's not the case. Though raising rates in this situation would be impressive, the likelihood of it happening seems high, so it seems to be heading back until the day of the press conference.