The losses were reportedly triggered by falling share prices in Hong Kong along with other Asian markets, while there is also concern about US Treasury yields surging past 1.6%, which could lead to volatile markets.
Japan’sbenchmark Nikkei stock average has fallen to its lowest point since 8 February, closing down 3.99 percent at 28,966.01 on Friday, which is the biggest single-day decline since April 2020. The Topix index fell by 3.15 percent to reach 1,865.59.
Earlier, 10-year US Treasury yields surged past 1.614% and hit a one-year high, while 5-year Treasury yield rose above 0.75%. This caused fears that the heavy losses could trigger distressed selling in other assets.
Stocks on Wall Street plunged Thursday with the technology index Nasdaq losing about 3 percent for its biggest one-day decline since September. The futures tracking the Nasdaq 100 shed 0.6% after that.