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News Summary: Volatile Japan

The Associated Press

VOLATILE JAPAN: Japan's financial markets swung wildly, underscoring the vulnerability of its economy to a loss of investor confidence as Prime Minister Shinzo Abe attempts to end two decades of stagnation.

BOND YIELDS SOAR: Interest rates, or yields, on 10-year Japanese government bonds briefly topped 1 percent for the first time in a year following news that some U.S. Federal Reserve officials are willing to scale back the American central bank's stimulus efforts as soon as June if the economy perks up.

NIKKEI PLUNGES: Bond yields, along with data showing China's recovery is faltering, led to a 7.3 percent tumble in the benchmark Nikkei 225 stock index. It was the worst drop since the March 2011 tsunami disaster.