Asian equities fall, bond yields climb as Middle East tensions and inflation pressure persist

Asian equities mostly fell and bond yields surged as inflation concerns and the lack of diplomatic progress in the Middle East drove a global selloff in government debt. The 10-year U.S. Treasury yield rose above 5.1%, its highest since 2007, while Japan's 10-year JGB yield hit 3.055%, a level not seen since 1996. Oil prices remained elevated despite a slight intraday dip, with Strait of Hormuz reopening hopes fading.