Asian Stocks Plunge Amid Rising Yields and Oil Prices

Asian stock markets declined on Tuesday due to rising bond yields and higher oil prices, which weighed down risk appetite.

The Reserve Bank of Australia's interest-rate decision later in the day is also being closely watched by investors, with expectations that it will raise its cash rate for the 10th time since May 2022.

Japan's Nikkei 225 index fell 1.3%, while South Korea's KOSPI declined 0.8% and China's blue-chip indexes edged down 0.2% each.

The benchmark 10-year US Treasury yield climbed above 5.27%, its highest level in nearly two decades, which raises the discount rate applied to equities and increases borrowing costs for governments and companies.