Why did the Japanese and US stock markets crash? CICC's interpretation

US stock index futures continue to decline, with the Nasdaq 100 index futures falling by 2%. The yield on the US 2-year Treasury bond has dropped by 9 basis points to the lowest level since May 2023. CICC research report pointed out that historically, Japanese stocks and the Japanese yen exchange rate have exhibited significant volatility. Looking back at history, Japanese stocks have a strong positive correlation with US stocks, while Japanese stocks have greater flexibility than the United States