Asian Stocks Slide Amid Bond Stress as BTC and Gold Shine
Asian stocks are experiencing a decline this week due to bond market stress, but Bitcoin and gold are gaining as safe havens. The Nikkei index in Japan dropped by 0.8% on Friday, extending its weekly loss to 4.4%. South Korea and Taiwan also saw losses despite some gains on the day.
The sell-off is attributed to rising US Treasury yields, which have resumed climbing after a brief pause. The 30-year yield rose to 5.25%, while the 10-year hit 4.71%. Secretary Scott Bessent's comments on expanding bond repurchases and fiscal consolidation have also contributed to market concerns.
However, Bitcoin and gold are bucking the trend as investors seek safe-haven assets. Bitcoin traded near $74,300 on Friday, while gold held steady at $4,513 an ounce, up 3.1% for the week.