The U.S. Treasury Secretary believes that the recent market downturn is due to issues in the Japanese bond market, and this kind of negative impact has gradually spread globally. Currently, the U.S. has urged the Japanese government to take necessary measures to stabilize the market. Previously, Japan's new Prime Minister Sanae Takaichi's tax cuts and increased spending plans raised concerns about the government's fiscal situation, which was followed by a massive sell-off in Japanese bonds.