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Japan's Nikkei dips as US yield spike sends Asian markets lower

Tech stocks tumble while COVID emergency extension deals Tokyo market added blow

People walk past an electronic board showing the Nikkei stock index outside a brokerage in Tokyo. Rising U.S. bond yields are weighing on Asian stocks. (Photo by Kei Higuchi)

TOKYO - Japan's equity benchmark fell 2% on Thursday as investors continued to fret over rising U.S. Treasury yields, while other Asian stock markets also retreated.

The Nikkei Stock Average at one point dropped over 800 points, or 2.8%, before closing down more than 600 points to below the 29,000 mark, while the broader Topix index declined 1%. The information and technology sector, as well as companies in the retail and service industries took the brunt of the reaction.

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