CNBC: Asia-Pacific markets were broadly weaker Wednesday, with Korean and Japanese stocks posting a more than 2% drop after the U.S. 10-year Treasury yield hit its highest level in 16 years.

South Korea’s Kospi fell 2.41% to close at 2,405.69 and the Kosdaq slipped 4% to end at 807.4 after returning from holiday. In Japan, the Nikkei 225 shed 2.28% to close at 30,526.88, the lowest since late May while the Topix traded 2.49% lower to close at 2,218.89.

Australia’s S&P/ASX 200 fell 0.77% to close at 6,890.2, while Hong Kong’s Hang Seng index sank another 0.94% to its lowest since late November, extending losses from Tuesday’s 3% tumble.