Markets Shaken Over Possible End to Stimulus

Selling prompted by Japan keeping monetary policy unchanged

Global financial markets were roiled Tuesday by concern about the limits of central-bank easy-money policies. Stocks, bonds and currencies from the Philippines to Spain to the U.S. came under pressure.

U.S. Treasurys fell, pushing the yield on the 10-year note to a 14-month high of 2.27%, while a selloff in government-bond markets across Europe led to higher yields from Greece to Germany.

The Dow Jones Industrial Average lost 150 points after opening to trade at 15088.6. The Standard & Poor's 500-stock index lost 19 points to 1623. Stocks saw steeper declines in Asia, with shares off 4.6% in the Philippines—the biggest drop since September 2011—and 3.1% in Indonesia.

European and Japanese stocks also traded lower. The benchmark Nikkei Stock Average dropped 1.5% to close at 13317.62.