Japanese ETFs are all falling. As of the time of reporting, Southern Double Long Nikkei (07262) fell by 5.2% to 163.05 Hong Kong dollars; Southern Nikkei 225 (03153) fell by 3.06% to 123.55 Hong Kong dollars; Hang Seng Japan Top 100 (03410) fell by 1.31% to 6.78 Hong Kong dollars. On the other hand, Southern Double Short Nikkei (07515) rose by 4.27% to 17.58 Hong Kong dollars. On the news side, on Friday, the Nikkei 225 index fell by more than 2.5% intraday, and the Topix index fell by more than 1%. It is worth noting that the Japanese yen has been falling for a week, and high oil prices, a strong US dollar, and the ongoing conflict in Iran continue to put pressure on the yen. In addition, the yield on Japanese 10-year government bonds continues to rise, reaching 2.700% at one point. The market is worried about the "stock-bond-forex triple kill" in the Japanese market. Oriental Securities Hong Kong released a research report stating that the weight stocks of the Nikkei 225 index are fully benefiting from the Davis double-click brought by the AI era; the Japanese government is alleviating the impact of inflation through fiscal subsidies, but the inflation effect will continue to spread, and expectations of a rate hike by the Bank of Japan in June are rising; the Japanese government is trying to alleviate the impact by releasing crude oil reserves and fiscal subsidies, but long-term black swan risks still exist.