Bloomberg reports that treasury 30-year yields fell below 2% for the first time since February and those on 10-year securities slid under 1.40% as a selloff in equities fueled demand for haven assets.

Stocks dropped across Asia with Japan’s Nikkei 225 Stock Average sliding 4%, while the yen strengthened against all its major counterparts.

“It is primarily the Asian equity selloff, which is also weighing on U.S. equity futures, that is weighing on the 10-year yield,” said Alvin T. Tan, head of Asia currency strategy at Royal Bank of Canada. “It’s more a classic risk-off move as we’re seeing that too in yen strength this morning.”

Traders have adjusted positions as traders unwound reflation trades in the wake of the Federal Reserve’s hawkish pivot last week, sending the spread between five- and 30-year Treasuries to the narrowest this year. 

The Fed’s rate outlook has pushed short-end rates higher while longer-end ones fall as traders calculate there’s now little risk that U.S. inflation will remain above target for long. St. Louis Fed President James Bullard added fuel to the debate on Friday, saying inflation risks may necessitate a rate hike next year.