Most Asian stocks fell Thursday as a sharp rise in global bond yields pressured risk assets ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Japanese shares moved higher after a three-day market holiday, with the Nikkei 225 rising 1.5% and the TOPIX gaining 0.2% in catch-up trading. The advance was limited by higher Japanese and U.S. borrowing costs, including a 30-year high for the 10-year Japanese government bond yield. U.S. Treasury selling pushed the 10-year yield above 5% to about 5.11%, its highest level since 2007, while the 2-year yield approached 4.9% and the 30-year yield exceeded 5.4%. Higher yields increase the discount rate applied to future corporate earnings and have renewed concerns that central banks may keep interest rates elevated to contain persistent inflation. Oil prices edged lower after a sharp prior-session rise as U.S.-Iran tensions continued despite hopes for diplomacy. Chinese, Hong Kong and Australian stocks declined, while investors awaited Trump’s meeting with Xi in Washington. The leaders were expected to discuss trade, artificial intelligence, technology and Taiwan. U.S. Treasury Secretary Scott Bessent said Washington and Beijing had agreed to extend their trade truce by two months. Australian employment growth exceeded expectations, but the unemployment rate reached a five-year high as labor-force participation increased, reinforcing expectations of a rate hike ahead of the Reserve Bank of Australia’s Sept. 29 policy decision.