Treasuries Advance as Japanese Nuclear Crisis Boosts Safety Bid

Treasuries surged, with 10-year note yields falling to the lowest level this year, as Japan’s deepening nuclear crisis stoked demand for the relative safety of U.S. government securities.

The Federal Reserve delayed buying Treasuries after as a plunge in yields at the time of the schedule close of the transaction added to volatility. The Standard & Poor’s 500 Index erased its gain for the year and the yen strengthened to a post-World War II high versus the dollar as the rising risk of radiation leaks boosted speculation Japanese investors sell overseas assets to finance repairs.