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Asian stocks mostly declined on Thursday as surging global bond yields weighed on risk appetite, while investors awaited a closely watched meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
Japanese equities bucked the regional weakness as markets reopened following a three-day holiday. The Nikkei 225 climbed about 1.1%, while the broader TOPIX posted a modest gain as investors caught up with earlier advances on Wall Street.
However, rising bond yields limited gains. Japan’s 10-year government bond yield reached a 30-year high, tracking a sharp selloff in U.S. Treasuries. The U.S. 10-year Treasury yield climbed above 5% to around 5.11%, its highest level since 2007. The two-year yield approached 4.9%, while the 30-year yield topped 5.4%.
Higher yields have renewed concerns that central banks may keep interest rates elevated as persistent inflation risks are compounded by high oil prices. Rising borrowing costs also increase the discount rate on future corporate earnings, creating additional pressure on technology and growth stocks.
Chinese markets weakened ahead of the Trump-Xi summit in Washington. The Shanghai Composite dropped nearly 1%, while the CSI 300 fell 1.5%. Hong Kong’s Hang Seng declined 0.7%, led lower by technology and semiconductor shares.
Trump and Xi are expected to discuss trade, artificial intelligence, technology and Taiwan. U.S. Treasury Secretary Scott Bessent said Washington and Beijing had agreed to extend their trade truce by two months.
Elsewhere, Australia’s S&P/ASX 200 fell 0.8% after data showed stronger-than-expected employment growth but a rise in the unemployment rate to a five-year high. Expectations for a Reserve Bank of Australia rate hike remained firm ahead of its September 29 policy meeting.
Singapore’s Straits Times Index was largely unchanged, while India’s Nifty 50 dropped about 1%. South Korean markets remained closed for a public holiday. U.S. stock futures also edged lower after Wall Street weakened overnight amid rising Treasury yields and elevated oil prices.
