With global stocks continuing their tumble and bond yields dropping in tandem, calls are getting louder for coordinated central bank action to stem panic in markets.

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“The markets are screaming out for coordinated action of some description,” Noonan said. “We are seeing bond yields going in both directions, depending on whether they are safe haven or risk. They are saying we need a response and we need one very, very quickly.”

Investors seeking safety are selling equities and buying bonds, pushing yield on 10-year Japanese Government Bonds to 0.79 percent on Monday, its lowest level since July 2003. U.S. Treasurys’ yields are also at rock bottom – the benchmark 10-year traded as low as 1.442 percent on Friday, the lowest level in records going back to the early 1800s, following the dismal U.S. jobs data.

Selling in equities accelerated in Asia on Monday Japan’s Nikkei 225 Index [.N225 8271.07 -169.18 (-2%) ] declined 2 percent and Australia’s S& P/ASX 200 Index [AU XJO 4000.60 -63.30 (-1.56%)] lost 1.6 percent in early trade, while South Korea’s KOSPI Index [.KS11 1786.11 -48.40 (-2.64%) ] fell 2.4 percent, as investors bailed on jitters over a triple whammy impact of a weakening U.S. economy, Europe’s deepening fiscal crisis and a slowing Chinese economy.