Treasuries reached highs after the early morning stock debacle, when the Dow dropped below the all-important 10,000 level. Strong and widespread buying in 2s and 5s led the way higher in the cash market, which was aided by talk of major European firms selling Japanese assets to buy treasuries. Rumors that a large Japanese bank was in trouble and having an emergency meeting with the Bank of Japan also fueled the panic buying. In addition, Fitch IBCA, Inc. placed 19 Japanese banks on negative credit watch early Wednesday, only adding fuel to the to the already raging "bond-fire."