Asia stocks slide as investors lose risk appetite, yields rise

Last updated on: 20 October,2022 08:18 am

Japan's yen crept close to the psychological barrier of 150 per dollar.

SINGAPORE (Reuters) - Asian share markets fell on Thursday as investor fears over a looming recession crimped risk appetite, while Treasury yields rose on expectations that the Federal Reserve will remain aggressive in its interest rate hikes.

Japan s yen crept close to the psychological barrier of 150 per dollar after earlier marking a fresh 32-year low of 149.93.

The yield on the 10-year U.S. Treasury US10YT=RR note touched a fresh 14-year high, brushing off a weak housing report. U.S. 10-year yields were last up at 4.139%, beyond the 4.136% high it touched earlier.

"Yields rose to fresh cycle highs and risk appetite soured," said Taylor Nugent, a markets economist at National Australia Bank in Sydney, adding that hawkish commentary from central banks also weighed on sentiment.

Wall Street snapped a two-day streak of gains on Wednesday, while the dollar bounced from two-week lows.

MSCI s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell to more than two-year low of 436.0 and was down 1.6% at 437.16,