刚刚！猛烈抛售，发生了什么？

Group 1 - The Japanese government bond market is experiencing a significant sell-off, with the 10-year bond yield reaching 1.627%, the highest since October 2008, and futures hitting the lowest level since 2009 [1][2] - Concerns over Japan's fiscal discipline have arisen following the ruling coalition's losses in the upper house elections, leading to expectations of new fiscal stimulus measures that could increase bond issuance [2][3] - Continuous inflation in Japan is diminishing the appeal of fixed-income assets and reinforcing market expectations for the Bank of Japan to tighten monetary policy further [2][5] Group 2 - Overseas demand for Japanese government bonds is declining, with net purchases of 10-year and longer bonds dropping to 480 billion yen (approximately 3.3 billion USD) in July, only one-third of June's purchases [3][4] - The Bank of Japan's reduction in bond purchases has created a demand gap in the market, exacerbated by new capital regulations affecting domestic financial institutions and overseas investors [4] - The Japanese Ministry of Finance plans to include 32.3865 trillion yen (approximately 1.57 trillion RMB) in its 2026 budget for debt servicing, marking an increase of about 4 trillion yen compared to the previous year's record budget [4] Group 3 - The ongoing inflationary pressures in Japan are increasing the likelihood of interest rate hikes by the Bank of Japan, which is pushing bond yields higher [5][6] - The Bank of Japan's Governor has expressed optimism about the potential for wage increases to accelerate, which could lead to a tightening of monetary policy later this year [6] - Despite signs of cooling inflation, the core CPI in July remained above the central bank's target at 3.1%, leading to heightened expectations for a rate increase of at least 25 basis points later this year [6]