BANGKOK — Asian shares skidded Friday, with Tokyo’s benchmark dropping 4% after rising bond yields triggered a broad sell-off on Wall Street that handed the Nasdaq composite index its steepest one-day loss since October.
Tokyo, Hong Kong and Sydney all fell 2% or more in early trading Friday.
The tech-heavy Nasdaq shed 3.5% on Thursday while the S&P 500 dropped 2.4%, led lower by heavy selling in technology and communications companies.
The sell-off gained momentum when the yield on the 10-year U.S. Treasury note moved above 1.5%, a level not seen in more than a year and far above the 0.92% it was trading at only two months ago. That move raised the alarm on Wall Street that yields, and the interest rates they influence, will move higher from here.
Early Friday, the yield on the 10-year U.S. Treasury note was 1.48%.
U.S. futures were lower, with the contract for the S&P 500 down 0.6% and…
