Japan’s Nikkei 225 Index fell 3% to below 63,500 on Friday, while the broader Topix Index declined 1.9% to 3,977. Both benchmarks were heading for steep weekly losses as surging oil prices and global bond yields weighed on equities. Investors were also preparing for the U.S. CPI (consumer inflation gauge) report after Thursday’s PPI (wholesale inflation gauge) data showed prices accelerated last month, strengthening expectations for a Federal Reserve rate hike next week. The Bank of Japan is likewise expected to raise rates. Board member Kazuyuki Masu indicated that the central bank would continue tightening policy and reduce monetary support as underlying inflation moves closer to its 2% target. Kioxia Holdings fell 6.9%, SoftBank Group dropped 5.9%, Advantest declined 6.2%, Mitsubishi UFJ lost 1.8% and Fast Retailing slipped 1.2%.