Regional activity of Mr. Erdogan with a multiply vector of conflicts between Syria, USA, Russia and other countries borders with Turkey is a main theme for further depreciation of TRY. President Joe Biden became the first US president to officially recognize the massacre of Armenians under the Ottoman Empire as a genocide. This is a new risk.
Not legal and financial advice; Any information provided here is only the personal opinion of the author.
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Well, today is March 11, 2024 and it takes some time (3 years) to get closer to the 4 lvl against JPY. At this stage I think it is already no sense to keep core short TRY.