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Japan's Nikkei index plunges 4% as US Treasury yields rise

South Korea and Australia benchmarks also fall as tech shares among hardest hit

Japan's Nikkei Stock Average fell over 1,200 point on Feb. 26 for its biggest percentage fall since April 2020.

TOKYO -- Japan's benchmark Nikkei Stock Average plunged nearly 4% on Friday as a surge in U.S. Treasury yields spurred a share sell-off across Asia, particularly in the technology sector.

Japan's Nikkei Stock Average plunged over 1,200 points, or 3.9%, on Friday, closing below the 29,000 mark. It is the biggest percentage drop since April 2020 and wiped out nearly 50% of the index's gains for this month. The broader Topix index fell more than 3%, while the Mothers index, which includes many startups, declined 2% to a nearly two-month low.

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