The core reason for this round of plunge was not the concerns about the US recession caused by the unsatisfactory non-farm data on Friday, nor was it because Buffett sold Apple shares. These were the last straw that broke the camel's back. The real reason was that Japan announced an interest rate hike last week. The Japanese yen is the world's largest carry currency. Because it has maintained ultra-low interest rates for a long time, people will choose to borrow yen and sell it in exchange for US dollars to buy US bonds, taking advantage of the carry of the interest rate difference between US bonds and the Japanese yen. This is the most common transaction in the financial market. Originally, when the US interest rate cut became clear in September, the interest rate difference gradually narrowed, and funds would gradually flow back to Japan. But Japan chose to suddenly raise interest rates at this time (its own economy has just emerged from 30 years of deflation), which is a bit like pulling out the ladder suddenly, accelerating the collapse of the US dollar. Therefore, not only did the Japanese yen appreciate significantly against the US dollar, but other non-US currencies also appreciated significantly against the US dollar. In addition, many radical people did not buy US bonds but US stocks after exchanging yen for US dollars, so they sold US stocks to repay their debts, which would cause a sharp drop in US stocks. The key is that the Japanese themselves are not having a good time. Today, the Nikkei index has fallen by 10% and has been margin-broken. Let's see what Japan will do next. Will it announce that it will not raise interest rates anymore? On the contrary, the United States can also choose to detonate bombs in the Middle East. Once a war breaks out, safe-haven funds will still flow back to the US dollar.

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