Asian markets dropped sharply on Tuesday and investors piled into government shares and gold after European and United States markets did the same on Monday. The yields on Japan’s benchmark 10-year government bond fell as low as negative 0.0007% on Tuesday, after people rushed to buy safe haven assets. This is the first time yields on the bond have fallen below 0. The US five-year Treasury yield also fell to 1.1112% during Asian trading hours on Tuesday, the lowest it has been since June 2013.

Fears about the global economy have led to market volatility – concerns about China’s low economic growth and falling oil prices are now coupled with speculation that the US federal reserve could change interest rates, The Guardian reported. US federal reserve chair Janet Yellen will testify on Thursday, and her comments are likely to impact global markets as global investors are worried about a recession.

The Nikkei dropped to a nearly three-year low of 5.1% on Tuesday, while markets in Thailand, Philippines, Indonesia, and New Zealand also fell. Analysts said the decline could have been worse, since many markets are shut because of Lunar New Year holidays.