-- Turmoil in Japan’s financial markets intensified Monday as the yen extended its rebound against the dollar to almost 13% from July’s low and stocks headed for a bear market. Yields on benchmark Japanese government bonds tumbled by the most in two decades.The intensity of the moves continued to take investors by surprise, hurting everyone from mom-and-pop traders of shares and currencies to large hedge funds and institutions.
“Falling stock prices mean that companies’ business performances are expected to deteriorate in the future, and if the economy weakens, credit spreads may face widening pressure as well,” said Noritaka Oda, head of debt syndication at SMBC Nikko Securities Inc.The benchmark 10-year Japanese government bond yield slid as much as 17 basis points, the most since 2003, according to data compiled by Bloomberg.
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