Bond pressure on Asian stock markets

Asian markets rose as the yield on the 10-year U.S. Treasury note rose to a 16-year high. Asia-Pacific markets were broadly higher despite yields on the 10-year U.S. Treasury note rising to levels not seen in more than a decade. The yield on the benchmark 10-year Treasury note rose to 4.34 percent, the highest since November 2007. Higher bond yields typically mean lower stock prices. Japan’s Nikkei 225 rose 0.67 percent and the Topix rose 0.73 percent. SoftBank Group’s chip unit Arm filed for a Nasdaq listing in what is expected to be its biggest of the year. South Korea’s Kospi also rose 0.53 percent and the Kosdaq rose 0.42 percent. Australia’s S&P/ASX 200 was just above the flatline. Hong Kong's Hang Seng index rebounded from a seven-day losing streak to rise 0.54 percent, while mainland China's CSI 300 rose 0.1 percent.