21社论丨美日市场剧烈震荡揭示其货币信用风险

Group 1 - The article discusses the significant market volatility triggered by Japan's fiscal concerns and the U.S. claim over Greenland, leading to a sell-off in both U.S. and Japanese financial markets [1][2] - Japan's total debt has reached 240% of its GDP, and the proposed tax cuts by the government are expected to increase fiscal risks, causing a spike in the yield of 30-year Japanese government bonds by over 25 basis points in a single day [1][2] - The article highlights that the current situation is not a liquidity crisis but a re-evaluation of Japan's fiscal credit risk, as the government seeks to implement tax cuts while the market reacts negatively [1][2] Group 2 - The prolonged period of quantitative easing in Japan has created structural vulnerabilities, with rising bond yields not strengthening the yen but instead leading to its depreciation due to declining fiscal credibility [2][3] - The U.S. financial market's liquidity is heavily influenced by low-yield yen carry trades, and the U.S. government's aggressive stance on Greenland has raised concerns about potential fractures in U.S.-European relations [2][3] - The article notes that both the U.S. and Japan are facing systemic risks due to their reliance on quantitative easing, which is undermining their monetary credibility and prompting investors to seek safe-haven assets like gold [3]