US stocks and Bitcoin are both falling. US Treasury Secretary: Don't blame Trump for raising tariffs, and don't blame the Greenland purchase; it's all the fault of the Japanese bond market!

The yield on Japan's 10-year government bonds has indeed gone crazy in the past two days, breaking through 2.3% (a 27-year high), and the ultra-long 40-year bonds even surpassed 4%.

Japanese Prime Minister Fumio Kishida has thrown out a fiscal bomb of tax cuts and large expenditures for the election on February 8. Institutions are scared and are quickly selling Japanese bonds.

Japan is the largest creditor in the world. The soaring yield on Japanese bonds will lead to a withdrawal of Japanese capital from the global market (especially US Treasury bonds).