Macroeconomic pessimistic expectations combined with multiple unexpected events have led to a domino effect of market collapses.

Overall, the core reason for the significant pullback of risk assets led by U.S. tech stocks in this round is the aggressive interest rate hikes by the Bank of Japan, which have rendered many yen carry trade paths ineffective or exposed to greater risks. "Mrs. Watanabe" is unwinding positions to repay yen-denominated debts and reduce risks. However, considering the relationship within the U.S.-Japan alliance, the factors that will truly dominate the long-term market trends are still the monetary policy of the Federal Reserve. Therefore, before the U.S. lowers interest rates, everyone should remain patient.