According to Bloomberg's report, the Korea KOSPI index has plummeted for two consecutive days, with one of the main reasons being that Korean investors' leverage has reached a record high.

Previously, due to the increased demand for storage chips driven by artificial intelligence, the Korean stock market began to surge. However, during this process, not only was trading crowded, but a bigger issue was that many retail investors were trading on margin, with an average leverage of about 3 times.
The continuous decline has already triggered liquidations. If the market continues to fall tomorrow, it is likely to accelerate the crash.
In fact, since Lee Jae-myung took office, one of the major goals of the administration has been to boost the stock market. They encourage Korean citizens to shift their investments from real estate and overseas stocks back to domestic markets, and even if you invest abroad and then transfer the gains to Korean stocks, you can avoid capital gains tax.
A policy-driven leveraged bull market could lead to a smooth technical crash, and the corresponding rebound could also be very quick.