Asia stocks subdued, safe-haven bonds still rule

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade, while Australia's main index eked out a 0.3 percent gain. The absence of Japan for a holiday might actually help the mood as Tokyo has been the hardest hit market this week. In Washington, Yellen generally sounded optimistic about the outlook for the U.S. economy while also acknowledging the risks from market turmoil and a slowdown in China.