Asian Stocks Tumble as Bond Yields Rise, But Bitcoin and Gold Shine

Asian stocks are on track for weekly losses as bond yields and oil prices continue to pressure risk assets. The Nikkei fell as much as 0.8% early in the session, while South Korean and Taiwanese stocks recovered modestly but were still set to finish the week lower.

The weakness follows a global selloff driven by rising long-term borrowing costs. The U.S. 30-year Treasury yield returned to around 5.25%, while the 10-year yield approached 4.7%, levels that have weighed heavily on expensive technology and growth stocks.

Bitcoin, however, has rallied sharply this week, gaining almost 20% as the dollar weakened and fiscal concerns returned to the forefront. The cryptocurrency's recent performance is being seen as a potential store of value during periods of bond-market stress.