Japan’s Bond Crash Sent Shockwaves Through Global Markets

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• 01:05

  Bloomberg Audio Studios.

• 01:07

  Podcasts, Radio, News.

• 01:11

  Ruth, what's it been like for you this past week?

• 01:14

  If I can sum it up in one word, it's manic.

• 01:19

  Ruth Carson covers Asia's foreign exchange markets for Bloomberg.

• 01:24

  She says she was prepared for things to get a little busy Tuesday last week.

• 01:29

  You had Trump threatening fresh tariffs.

• 01:32

  The US was on holiday the day before.

• 01:36

  So the world's biggest provider for liquidity in bonds was out.

• 01:41

  So there was this tense, nervous air across all the trading desks in Asia.

• 01:49

  Now, that said, I thought things were under control enough

• 01:54

  by mid-morning on Tuesday for me to run out quickly

• 01:57

  to get some Singapore chicken rice across the street.

• 02:01

  I should have known that was such a big risk.

• 02:05

  Absolutely.

• 02:06

  By the time she came back, the headlines started to roll in.

• 02:10

  Japan's super long bonds showed record selling by insurers.

• 02:15

  And picked up in quick succession.

• 02:18

  By 3:00 PM, the volcano suddenly erupted.

• 02:24

  And my phone just started going ping, ping, ping, ping, ping, ping.

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