Asian stocks slide as tech losses deepen; yen gains on safe-haven demand

Asian stocks fell sharply on Friday as technology shares extended losses, driven by investor concerns over high valuations and rising costs, with safe-haven assets like the yen and government bonds gaining. Tech firms have been battered since June record highs due to worries about overvaluation, heavy infrastructure spending, and spiraling servicing costs, compounded by oil prices above $100 from Iran tensions that have boosted inflation and interest rates. Even strong earnings from Meta and Lam Research failed to prevent share declines, as investors demand exceptional results. The selloff hit Asian markets broadly, including Seoul's Kospi, down over two percent, and Tokyo's Nikkei, while the yen rallied on Japanese inflation data and Treasury yields fell from highs. Oil prices climbed toward $115 per barrel on fresh Middle East worries.