突然熄火！集体跳水，发生了什么？

Market Overview - Recent global market volatility has increased, with Japanese and Korean stock markets experiencing significant declines after initial gains, leading to a drop in the A50 index and affecting A-shares and Hong Kong stocks [2][3] - The Australian stock index has also shown weakness, with the ChiNext index dropping over 2% and the Shanghai Composite Index declining nearly 30 points, reflecting a broader market downturn [3] Economic Indicators - Japan's 10-year government bond yield has surpassed 1.96%, with the Bank of Japan signaling a potential interest rate hike in December, which has contributed to market fluctuations [3] - China's November CPI showed a year-on-year increase of 0.7%, the highest since March 2024, primarily driven by rising food prices, while the core CPI (excluding food and energy) rose by 1.2% [3] Liquidity and Policy Implications - The tightening of liquidity in the Japanese bond market has been noted, with indicators showing a deterioration in market conditions since April, leading to concerns about the impact of potential interest rate hikes [5] - Historical responses to previous tightening by the Bank of Japan suggest that the yen typically appreciates in anticipation of policy changes, followed by stabilization post-announcement, indicating a potentially muted impact on liquidity this time [5]