Japanese markets rally halts, Nikkei drops 1.45%

Japanese markets pulled back from record highs as the yen extended gains for the third day in a row amid hawkish Bank of Japan expectations.

10-year government bonds ticked up after U.S. Treasury Secretary Scott Bessent told Bloomberg Television that the Bank of Japan is "behind the curve" in addressing inflation, suggesting that it will likely be raising interest rates.

The Nikkei average fell 1.45 percent to 42,649.26 while the broader Topix index settled 1.10 percent lower at 3,057.95.

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