According to Caixin.com, the yen surged, Japanese stocks fell, and the yield on Japan's 10-year government bonds rose due to concerns that the new Japanese prime minister's economic policy would turn to tightening. What is more worrying for the market is that if the yen continues to rise, the reversal of the yen carry trade in early August this year may reappear. The CICC report analysis believes that Shigeru Ishiba has a preference for relatively tighter monetary policy. Considering the past cooperation between the Bank of Japan and the Japanese government, the Bank of Japan may turn marginally hawkish in the future after Shigeru Ishiba becomes prime minister.