--- title: "Asian stock markets fell sharply, and Japanese bond yields hit a new high since the financial crisis" description: "The Japanese stock market led the decline in the Asia-Pacific stock markets, with the Nikkei 225 index falling by 1.8%. At the same time, the yield on 20-year Japanese government bonds rose to 2.25%, " type: "news" locale: "en" url: "https://longbridge.com/en/news/230917668.md" published_at: "2025-03-07T23:40:12.000Z" --- # Asian stock markets fell sharply, and Japanese bond yields hit a new high since the financial crisis > The Japanese stock market led the decline in the Asia-Pacific stock markets, with the Nikkei 225 index falling by 1.8%. At the same time, the yield on 20-year Japanese government bonds rose to 2.25%, and the yield on 30-year Japanese government bonds increased to 2.556%, both reaching their highest levels since the 2008 financial crisis The uncertainty caused by the U.S. tariff policy has put pressure on the Asian markets. On Friday, the yield on Japan's long-term government bonds soared, with the 20-year Japanese government bond yield climbing to 2.25% and the 30-year Japanese government bond yield rising to 2.556%, **both reaching their highest levels since the 2008 financial crisis**. The benchmark 10-year government bond yield also rose to its highest point since 2009, currently retreating to 1.499%. Analysts attribute this to the pressure from a global bond sell-off, and the surge in Japanese bond yields reflects the market's increasing expectations for inflation and tightening monetary policy in Japan. Overnight, all three major U.S. stock indices fell sharply, with the Nasdaq Composite Index entering a correction zone. Although the performance of U.S. chipmaker Broadcom boosted U.S. stock index futures, it failed to reverse the overall market sentiment. Affected by the volatility in the Japanese bond market and the overnight decline in U.S. stocks, the Asia-Pacific stock markets generally fell on Friday. The Nikkei 225 index led the decline, dropping by 1.8%, with real estate stocks being the main drag on the Japanese stock market. Nintendo and Sony fell by approximately 6% and 5.18%, respectively, becoming the worst-performing stocks in the Nikkei index. **Other Asia-Pacific markets also performed poorly**: - The Korea Composite Stock Price Index fell by 0.4%, while the small-cap Kosdaq rose slightly by 0.2%; - The Australian S&P/ASX 200 index dropped by 1.4%; - The Hong Kong Hang Seng Index futures reported 24,085 points, weakening compared to the previous day's close. ## Uncertainty Continues to Disturb the Market The tariff policy of the Trump administration continues to bring uncertainty to the market. Traders pointed out that **the White House has failed to provide clear information regarding the long-term tariff issues facing Canada and Mexico, exacerbating market concerns**. Although Trump postponed the deadline for imposing tariffs on certain goods from the two countries, the market did not rise as a result. **Comments from U.S. Treasury Secretary Scott Bessent further suggested that tariff increases may be unavoidable**. Data released by Challenger, Gray & Christmas on Thursday showed that U.S. layoff announcements surged to their highest level since 2020, partly attributed to efforts by Trump and Elon Musk to reduce the number of federal government employees. The market is closely watching the U.S. non-farm payroll data set to be released on Friday to gauge future interest rate trends. Federal Reserve Governor Christopher Waller stated: > He will not support a rate cut in March, but believes there is still room for two or even three rate cuts this year. Citi researchers believe that once weak growth data materializes, the market may expect the Federal Reserve to implement more rate cuts this year, and Citi still maintains a baseline scenario of a 125 basis point rate cut ### Related Stocks - [NTDOY.US - Nintendo](https://longbridge.com/en/quote/NTDOY.US.md) - [C.US - Citigroup](https://longbridge.com/en/quote/C.US.md) - [AVGO.US - Broadcom](https://longbridge.com/en/quote/AVGO.US.md) - [SONY.US - Sony](https://longbridge.com/en/quote/SONY.US.md) - [.IXIC.US - NASDAQ Composite Index](https://longbridge.com/en/quote/.IXIC.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 2 年期国债收益率本周升至 3.480% — 数据解读 | 本周，2 年期国债收益率上升至 3.480%，创下自 2025 年 12 月以来最大的一周涨幅。这一上涨结束了连续三周的下跌，收益率连续四个交易日上升。目前，该收益率比 52 周高点 4.192% 低 0.712 个百分点，并在过去四天内上 | [Link](https://longbridge.com/en/news/276486153.md) | | 30 年期国债收益率降至 4.704%——数据解读 | 30 年期国债收益率下降至 4.704%，下降了 0.003 个百分点。这标志着今年第三低的收益率，比 52 周高点 5.089% 下降了 0.385 个百分点。与一年前相比，收益率下降了 0.034 个百分点，月初至今下降了 0.168 | [Link](https://longbridge.com/en/news/276376105.md) | | 日股狂欢难掩债汇风波，“高市交易” 究竟是机会还是陷阱？ | 日本股市在 “高市交易” 推动下创历史新高（日经 225 本周涨 5%），但债市与汇市平静背后暗藏 “高市陷阱”：若高市早苗大幅支出以兑现承诺，可能削弱日元、加剧通胀，最终反噬股市。尽管她承诺减税不涉及新债，但分析师质疑兑现能力。 | [Link](https://longbridge.com/en/news/276004435.md) | | 特朗普宣布 5500 亿日本投资正式启动，首批聚焦油气、发电、关键矿产 | 特朗普称关税促成大规模投资，三个 “大项目” 涉及得州油气战略、俄亥俄州发电和佐治亚州关键矿产领域；燃气发电厂将是 “史上最大”，墨西哥湾的 LNG 设施将推动出口并巩固美国的能源主导低地位，关键矿产设施将结束美国对外依赖。 | [Link](https://longbridge.com/en/news/276173721.md) | | 美国 30 年期 TIPS 收益率在拍卖后下跌，最新报 2.484% | 美国 30 年期 TIPS 收益率在拍卖后下跌，目前为 2.484% | [Link](https://longbridge.com/en/news/276365438.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.