A global bond selloff extended into Asia on Wednesday with yields in Japan hitting record levels, while gold reached a new peak as investors fret about public finances in countries from Japan to the United States.

Investors in Japan are also reacting to concerns that Prime Minister Shigeru Ishiba might soon be forced to step down after the number two in his ruling Liberal Democratic Party (LDP) offered to quit on Tuesday over July's disastrous upper house election.

Asian markets were largely in the red, with Tokyo down 0.9 percent. European bourses opened lower before recovering, after falling on Tuesday.

Yields on 30-year Japanese government bonds rose to an all-time high of 3.29 percent, while 20-year yields reached 2.69 percent -- their highest since 1999.

"The Japanese 30-year yiel

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