Asian Stocks Plummet Amid Rising Bond Yields and Oil Prices

The Japanese and South Korean stock markets experienced significant losses on Thursday, with the Nikkei 225 plummeting as much as 2.9% and the Kospi dropping 2.4%. This decline was largely attributed to rising bond yields and surging oil prices, which triggered a risk-off move across Asia.

The Nikkei has now suffered losses for three consecutive sessions, with over ¥35 trillion ($225 billion) being wiped from Japanese equity value during this period. The Bank of Japan's upcoming decision on September 18 is expected to have a significant impact on the market, with nearly 97% of economists predicting a rate hike to 1.25%.

Japanese government bond yields saw significant increases across the curve, with the 30-year JGB reaching 4.055% and the 10-year rising to 2.965%. The crude oil price surpassed $100 per barrel, adding to the selling pressure in the region.