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Regional equity indexes across Asia finished Friday’s session with divergent results, following declines on Wall Street that offset efforts by U.S. Treasury officials to support longer-term debt markets. The Treasury Department’s announcement regarding expanded government bond repurchases provided only fleeting relief to investors concerned about rising yields and inflation pressures.
Among major Asia-Pacific benchmarks, Japan’s Nikkei 225 declined 0.2% to close at 66,080.25, while South Korea’s Kospi advanced 0.9% to 6,914.09. Hong Kong’s Hang Seng index gained 0.7% to 25,888.36, and the Shanghai Composite remained flat at 3,903.81. Australia’s S&P/ASX 200 fell 0.3% to 9,053.90, Taiwan’s Taiex rose 0.4%, and India’s Sensex dropped 0.1%.
Treasury Secretary Scott Bessent signaled Thursday that the federal government’s repurchase program could exceed initial plans, following Wednesday’s announcement to at least double purchases of longer-term debt. Market analysts predicted the stabilizing effect would prove temporary, with bond yields climbing back to pre-announcement levels by Friday morning.
The U.S. 10-year Treasury yield reached approximately 4.71% in early trading Friday, up from 4.64% Thursday and 4.65% before the Treasury announcement. The 30-year yield climbed to roughly 5.26% from 5.18%, reflecting persistent concerns about inflation tied to geopolitical tensions and mounting federal debt.
Rising bond yields weighed on equity performance globally. Wall Street’s S&P 500 fell 0.9% Thursday, with the Dow Jones Industrial Average dropping 1.3% and the Nasdaq composite sliding 1% as higher borrowing costs threaten corporate profitability and consumer spending.
Asian government bond yields also rebounded Friday, with Japan’s 10-year yield climbing to 2.88% from 2.83% Thursday despite remaining near 30-year highs. Energy markets showed modest declines as crude oil prices slipped despite escalating U.S. economic pressure on Iran, where diplomatic de-escalation efforts have stalled.
Brent crude fell 0.2% to $93.64 per barrel Friday, while U.S. benchmark crude dropped 0.3% to $86.59. The dollar weakened to 159.01 Japanese yen from 159.05 yen, and the euro strengthened to $1.1694 from $1.1678.
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