A completely graphical way of thinking about this is to imagine the section of the graph in the first quadrant of the graph of $(\mathcal{Re}(x), \mathcal{Re}(y))$ as a rigid object. It's exactly the graph of the complex function $y = 1/x$ restricted to the positive real half-line in $x$ (or "the ray of $x$-values with argument $0$".)
Now let's sweep the ray around the origin in the complex $x$-plane. The graph of $y=1/x$ restricted to the $x$-values with argument $\theta$ looks exactly like the curve you started with, except that the values are rotated by an angle $-\theta$ about the origin in the complex $y$-plane.
After 90 degrees, $\pi/2$ radians, the ray picks out the positive imaginary $x$, and the reciprocals are negative imaginary $y$, for example. On the $(\mathcal{Im}(x), \mathcal{Im}(y))$-plane this picks out a curve in quadrant $4$, but it's otherwise exactly the same as the real curve in quadrant $1$ we started with
Thinking about the whole curve may make your eyes water, as it's a two-dimensional surface in four-dimensional space. But still it's very nicely behaved. In particular, once you've swept your $x$-ray through an angle of $\pi$ radians, so it lies back on the real $x$-graph, you've swept the $y$ values through $-\pi$ radians and they lie on the negative half of the real $y$-graph. This is the quadrant $3$ segment of the real graph.
And we can continue sweeping around, all the way back to the ray we started with; the $y$-values continue to sweep round their own axis in the opposite direction, and the graph closes up nicely into a connected single sheet.