Overview
A new phase of the market turmoil is at hand. Bonds are no longer proving to be the safe haven for investors fleeing stocks. The tremendous fiscal and monetary efforts, with more likely to come, have sparked a dramatic rise in yields. Meanwhile, equities are getting crushed again. Steep losses were seen in many Asia-Pacific markets, with Australia off 6% and Hong Kong, South Korea, and India down more than 4%. The Bank of Japan's ETF purchases are distorting the local equity performance, with the Topix posting small gains while the Nikkei fell about