1.   Bonds tumbled with the yen as traders bet the falling yen would tarnish the allure of yen-debt to investors who convert bond income into other currencies.

2.   A rising yen helps bonds by increasing the value of yen-denominated debt to investors who convert bond income into dollars.

3.   A weaker yen hurts bonds by eroding the return to foreign investors who convert bond income into rising currencies.

4.   A stronger yen helps bonds by increasing the return to foreign investors when they convert bond income to other currencies.

5.   A stronger yen increases the return to foreign investors when they convert bond income to other currencies.

6.   A weaker yen hurts bonds by decreasing the return to foreign investors when they convert bond income to other currencies.

7.   A weakening yen hurts bonds by decreasing the value of yen-denominated debt to investors who convert bond income into dollars.

8.   A weaker yen hurts bonds by eroding the return to foreign investors when they convert bond income to other currencies.

9.   A weaker yen tarnishes the allure of yen debt for foreign investors, eroding returns when bond income is converted into rising currencies.

10.   Life insurance and pension funds prefer long-dated bonds so they can match bond income with their longer-term liabilities.