Yields on government bonds issued by countries with debt problems have risen, while yields declined on Japanese, German, and U.S. government bonds, which are regarded as safe assets. Stock prices have fallen and the yen has resumed its rise in the foreign exchange market.
The efforts made by Germany and other core European countries are expected to ultimately help avert a significant worsening of the problems in Europe, leading to a period of brief respite. However, a comprehensive solution will take quite a while.