Trading Alert: The Southern Double Short Nikkei ETF (07515) surged more than 4% during the morning session, last seen climbing 4.41% to HKD 14.2, with turnover reaching HKD 5.65 million.

In the broader market, Japanese equities opened sharply lower today, with the Nikkei 225 index at one point dropping nearly 3% in intraday trading.

Fueling the selloff is a global bond market rout driven by heightened geopolitical tensions in the Middle East and firmer crude oil prices. Japan's 10-year government bond yield has broken above 3%—a level not seen since 1996—while the 30-year yield surged past 4.18%, hitting an all-time high.

Adding to the pressure, Bank of Japan Governor Kazuo Ueda noted that the central bank has already raised rates five times and emphasized the need to carefully assess the cumulative impact of these moves. He declined to comment on market expectations of a possible September rate hike, stating only that appropriate policy will be discussed at the next meeting.

Meanwhile, U.S. Treasury Secretary Scott Bessent, during a recent meeting with Ueda, called for a prudent monetary policy approach to stabilize inflation expectations and avoid excessive currency fluctuations—a stance that further reinforced his earlier push for Japan to tighten policy.