Japan 10-year yield drops to record low

TOKYO: Investors at home and abroad can’t get enough 10-year Japanese government bonds, driving the yield to an unprecedented minus 0.135%.

Yields sank across maturities yesterday after the Bank of Japan’s (BoJ) operation to buy long-term debt met the lowest investor participation on record, spurring what Bank of America Merrill Lynch strategist Shuichi Ohsaki called “panic buying.”