The research report from China Merchants Bank is quite frightening. If the $9 trillion carry trade is really withdrawn, the global market will tremble. The 'cheap milk' from the yen is about to be drained, and those who have become accustomed to borrowing at low interest rates to chase risk assets may soon face the end of that era. Don't just focus on the rate hike magnitude; the reversal of yen liquidity is the real gray rhino. Those who still dare to go all-in with leverage now truly have big hearts; be careful of being buried directly by this wave of liquidity contraction.