Global stocks decline as investors await U.S. tax reforms
A decline in financial stocks in Asia weighed on indexes amid a drop in bond yields and concerns about delays to U.S. tax reforms.
The Nikkei Stock Average lost 0.3%, with its index tracking banks dropping 0.3%. The yield on the benchmark 10-year Japanese government bond fell to 0.065%, its lowest level since Jan. 25. Yields on the two-year U.S. Treasury paper, meanwhile, dropped to 1.192% from 1.224% Wednesday.
Japanese insurers invest heavily in government bonds and are sensitive to daily shifts in sovereign yields.