Asian stocks attempt recovery after sharp selloff as bond yields and rate-hike bets weigh on outlook

On June 9 Asian equity markets clawed back some ground after severe losses, with South Korea's KOSPI rallying 3% after plunging more than 8% the previous day, but the recovery remained fragile as rising bond yields and renewed expectations of central bank rate hikes kept investors cautious. Higher yields and tighter policy typically weigh on risk assets, implying short-term headwinds for crypto and DeFi token performance, fundraising and adoption at both CEXs and DEXs.