Pedestrians reflect on August 30, 2017 in a window of an investment firm in Tokyo.
Toshifumi Kitamura | AFP | Getty Images
10-year government bond yields in major Asian markets have plunged as fears of recession cause investors to pour into assets. Yields are falling in tandem.
Here's how yields on 10-year government bonds in each market fell Thursday morning versus a week before the start of the month.
Recession fears confused markets. The benchmark's 10-year benchmark yield was below the 2-year interest rate early Wednesday. This is a bond market phenomenon that is a reliable but early indicator of economic recession.
The Yield of the 30-Year US Bond The bond also fell to a new low.
In the US, investors also plunged into bonds. The iShares 20+ Year Treasury Bond ETF (TLT) rose 2.1% on Monday, the largest gain since the beginning of the year.
Janet Yellen, former chairman of the US Federal Reserve, said Wednesday: "It may be a less good signal this time".
"The reason for this is that there are a number of factors other than market expectations about future interest rates that depress long-term returns," Yellen told Fox Business Network.
– Eustance Huang of CNBC, Thomas Franck and Patti Domm have contributed to this report.