Lack of market confidence, Japanese government bonds being sold off by investors.

On the 19th local time, the yield on Japan's newly issued 10-year government bonds rose to 1.76%, the highest since June 2008. Due to market concerns that Prime Minister Naoto Kan's expansionary fiscal policy will further deteriorate the fiscal situation, Japanese government bonds were sold off by investors, causing long-term interest rates to continue to rise. The day before, Japanese stocks, bonds, and the yen experienced a "triple kill." On the 18th of Tokyo stock market, the Nikkei 225 index closed at 48702.98 points, a sharp drop of 3.22%, the largest since early April this year. On the same day, Japanese government bonds were also sold off, causing the yen exchange rate to decline.