[MARKET UPDATE] Asia-Pac stocks begin mixed following the recent global bond rout, while Japanese markets reopen from the long weekend and play catch-up to the prior tech momentum

A regional tape described as mixed after a global bond rout typically reflects the tension between two transmission channels: higher yields weighing on duration-sensitive growth names, and the rate-driven currency moves that in Japan's case have historically flattered exporter earnings when the yen softens alongside rising US yields. The composition of the sell-off matters more than its size: routs driven by term premium and supply have tended to be absorbed by equities more readily than those driven by a repricing of central bank paths, which compress valuations more durably. What distinguishes signal from noise in these sessions is whether the catch-up extends beyond the open or fades as local flows assert themselves, and whether regional bond markets show follow-through from the overnight move or stabilise. Follow-ons worth noting are the next leg of the rates move, any domestic policy commentary in Tokyo, and how the tech momentum from the prior session holds up once the catch-up bid is spent.