World markets reach record levels as yen slips

WORLD stocks coasted along near record highs yesterday while investors’ search for yield kept emerging market and corporate bonds closer to government debt.

European shares were higher, pushing the MSCI all-world index closer to its all-time record hit on Tuesday. US stock futures were pointing to a firmer start on Wall Street.

The yen slipped against the dollar and euro as investors grew more confident Group of Seven financial chiefs would take no concerted action against the Japanese currency’s weakness at this week’s meeting. European bonds were flat.