Published by Zeb BhamInvestors should move out of Japanese bonds and into other Asian currencies such as the yuan and the won, according to Pacific Investment Management Co (Pimco).Tomoya Masanao, head of portfolio management for Japan, said that rising concerns about government debt levels made long-term bonds unattractive."The world has just too much debt. Long-term real rates will have to adjust upward globally," he said, although he advised that short- and mid-term bonds may still reward investors.His comments came as debt contagion spread throughout Europe, with bonds in Portugal and Spain coming under serious pressure after debt ratings in both countries were downgraded.Greece's debt rating meanwhile has been downgraded to junk status, sending bond yields soaring and further necessitating a rescue deal with a low fixed interest attached.There are also growing concerns that Britain, Ireland and Italy will see their debt ratings challenged in the weeks to come.For more information on international payments, visit our Smart FX site