Asian shares pared early losses on Thursday after Chinese exports proved far stronger than even bulls had imagined, while U.S. bond investors were still daunted by the staggering amount of new debt set to be sold in coming weeks.
Bond markets saw one of the largest shifts in a while after the U.S. Treasury said it would borrow a truly astonishing $2.999 trillion during the June quarter, five times larger than the previous single-quarter record.
Yields on 30-year bonds US30YT=RR jumped 7 basis points to 1.40%, the largest daily increase since mid-March. He noted that with rates across the globe falling to all time lows, the yen no longer had a large yield disadvantage.
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