According to Jinshi Data, Ben Bennett, head of Lgim's Asian investment strategy, said that trades that performed well in the first half of this year are being liquidated, and some trades are being liquidated faster than others. He believes that the Bank of Japan's interest rate hike or last Friday's US employment report are not enough to explain such a large market reaction, and it may be due to the surge in market volatility that some well-performing trades were forced to close or stop losses.