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South Korean markets gained over 80% this year while Indonesia fell 25% as investors pivot to nations with robust energy buffers and technology exposure.
The 10-year Treasury yield jumped 24 basis points to top 4.6% as oil prices remained above $100 a barrel amid the ongoing conflict in Iran.
Japan's annualized GDP grew 2.1% in the first quarter to beat estimates even as the Bank of Japan halved its full-year growth forecast to 0.5%.