Asian shares declined on Friday as sharp moves in bonds and currencies heightened caution before US nonfarm payrolls data. The benchmark 10-year US Treasury yield briefly reached 5.34%, its highest level since 2002, after recording its largest quarterly increase in 32 years, before retreating to around 5.25% in Asia. French fiscal concerns drove the spread between French and German government bond yields above 140 basis points, its widest since 2012, pressuring European stocks and sending the euro to $1.1215, its weakest level since May 2025. Investors expect September US payrolls to rise by 90,000, with the employment rate holding at 4.1%; hourly earnings are also in focus after an ISM survey showed a sharp increase in prices paid. Markets price a 25% chance of a Federal Reserve rate increase in October, down from 69% a week earlier, while a December hike remains fully priced. Oil prices stayed elevated as the United States reportedly sent additional troops and carriers to the Middle East and China suspended oil product exports.