亚太，突发！集体跳水，发生了什么？

Core Viewpoint - The global market is experiencing significant volatility, with major stock indices in Japan and South Korea showing sharp declines after initial gains, impacting A-shares and Hong Kong stocks as well [1][2]. Group 1: Market Performance - Japanese and South Korean stock markets initially opened strong but quickly reversed, with the Nikkei index dropping over 0.5% and the A50 index falling more than 1% [1][2]. - The A-share market saw the ChiNext index drop over 2%, and the Shanghai Composite index fell nearly 30 points, with over 3,600 stocks declining across the Shanghai and Shenzhen markets [2]. Group 2: Economic Indicators - Japan's 10-year government bond yield recently surpassed 1.96%, with the Bank of Japan signaling a potential interest rate hike in December, which has contributed to market fluctuations [2][3]. - China's November CPI showed a year-on-year increase of 0.7%, the highest since March 2024, driven mainly by rising food prices, while the core CPI (excluding food and energy) rose by 1.2% [2]. Group 3: Liquidity and Policy Expectations - Analysts suggest that the recent market adjustments may be linked to global liquidity conditions and the Bank of Japan's hawkish signals regarding interest rate hikes, which could lead to tighter liquidity [2][3]. - The liquidity pressure index for Japan's bond market has worsened since April, indicating a tightening environment that could impact market stability [3].