- Asian stocks fell as bond yields rose following a string of central bank rate hikes.
- Japanese stocks lost early gains as investors weighed inflation data that was stronger than expected, fueling speculation of a change in the country's ultra-easy monetary policy. The yen rose slightly after its recent depreciation fueled expectations of verbal intervention from Tokyo authorities.
- Hong Kong stocks fell as they played catch-up after a holiday on Thursday, while mainland markets remained closed. Friday's drop brings the current losing streak to four days, as traders worry that even if China provides more economic assistance, it will have little impact on markets.
- South Korea's benchmark fell after global index provider MSCI thwarted the country's bid for developed-market status yet again.
- Treasury two-year yields hovered around 4.78%, nearing their highest since March, after Fed's Powell stated that the US may require one or two more rate hikes in 2023.
- Rate hikes by policymakers in the UK, Norway, and Switzerland added to the upward pressure on bond yields. Ten-year bond yields in Australia and Japan rose on Friday.
