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SYDNEY/SINGAPORE (Reuters) - Central banks in Asia struggled to smother a selloff in global bonds on Friday, piling pressure on their bigger peers to do more, as spooked investors sold assets to cover deepening losses and rushed out of crowded positions in stocks.
FILE PHOTO: A man wearing a protective face mask walks past a stock quotation board outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei Kato
The erratic trade evoked memories of last March and comes as the pandemic recovery enters a delicate phase, with financial markets moving swiftly to price in an end to the cheap money that had lit a fire under world stocks for a year.
Treasury yields hit 1 6%, wreaking havoc in markets
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Analysis: Global bond rout turns up the heat on central banks
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