Asia markets largely rise as 10-year U.S. Treasury yield hits 16-year high

The ICC International Commerce Centre, and Hong Kong’s brand new museum of visual culture, Victoria harbor, Hong Kong, China.

Ucg | Universal Images Group | Getty Images

Asia-Pacific markets largely rose even as yields of U.S. 10-year Treasury bonds hit levels not seen in over a decade.

The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007. This is notable as higher bond yields generally mean lower stock prices.

Japan’s Nikkei 225 climbed 0.86%, while the Topix rose 0.72%. Overnight, SoftBank Group’s chip unit Arm filed for a Nasdaq listing that is expected to be the largest of the year.

South Korea’s Kospi also gained 0.88%, and the Kosdaq was 0.84% up.

However, the Australian S&P/ASX 200 extended losses from Monday and slid 0.19%.

Futures for Hong Kong’s Hang Seng index point to a rebound for the index and stood at 17,680,compared with the HSI’s close of 17,623.29.

On Monday in the U.S., all three major indexes ended mixed, with the tech-heavy Nasdaq Composite snapping a four day losing streak and gaining 1.6%, while the S&P 500 gained 0.69% and the Dow Jones Industrial Average fell 0.11%.

— CNBC’s Sarah Min and Pia Singh contributed to this report.