Nikkei, KOSPI Slide Amid Rising Yields and Oil Prices

Asian equities took a hit on Friday as rising global bond yields and expensive oil weighed on valuations and inflation concerns. The Nikkei 225 fell about 0.8% in morning trade, extending its weekly loss to roughly 4.4%, while the KOSPI swung around flat after opening 1.35% lower.

The moves came after US Treasury yields resumed their climb, erasing much of the relief triggered by Washington's decision to expand long-bond buybacks. Brent crude remained above $93 a barrel, adding to the pressure.

Japan's market has an extra complication, as inflation is strengthening just weeks before the Bank of Japan's next policy meeting. Core consumer prices rose 1.8% in July from a year earlier, accelerating from 1.6% in June.