Japan's Long-term Borrowing Costs, Gold Hit Record Highs

Traders have been turning to traditional safe havens, pushing gold to a record high (Credit: AFP)

A global bond selloff extended into Asia on Wednesday with yields in Japan hitting record levels, while gold reached a new peak as investors fret about public finances in countries from Japan to the United States.

Investors in Japan are also reacting to concerns that Prime Minister Shigeru Ishiba might soon be forced to step down after the number two in his ruling Liberal Democratic Party (LDP) offered to quit on Tuesday over July's disastrous upper house election.