Fiscal concerns are denting investor confidence, while a global tech rout is a contributing factor.
Stocks, bonds and the currency remain weak in Japan, with government spending at the top of the list of concerns weighing on the country’s financial assets. A global tech rout and a sudden realization just about everywhere that the world has too much debt also contributed to the weakness. The yen hit ¥159.76 to the dollar Tuesday evening before regaining ground on Wednesday, trading at around ¥159.15 to the dollar in the afternoon, while Japanese government bonds were near 30-year lows.
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