FX.co ★ Asian Stocks Rise as Global Yields Retreat

Asian equity markets rebounded on Thursday after global bond yields retreated from multi-year highs, following a US move to curb long-term borrowing costs by expanding its bond buyback program. The US Treasury Department said it would more than double its repurchases of 10-, 20- and 30-year securities over the coming months, after the 30-year Treasury yield climbed earlier this week to its highest level since 2007. Sovereign yields across major Asian markets also eased, with Japan’s 10-year yield pulling back from a 30-year peak. South Korea’s KOSPI jumped about 6% as chipmakers staged a strong recovery, while Japan’s Nikkei rose 1%. Equities in Australia, China and Hong Kong also advanced.