The latest research report by CICC states that the Bank of Japan's withdrawal from negative interest rates will reduce the global supply of cheap money and put short-term pressure on global financial liquidity. In addition to the impact of the reversal of yen carry trades, the fluctuation of the yen accompanied by policy changes will lead to an increase in hedging costs and may also suppress the willingness of Japanese investors to purchase US bonds, bringing short-term upward pressure on US bonds.