Asian stock markets showed mixed results as investors weighed recent fluctuations in oil prices and developments in the U.S. bond market. Japan's benchmark Nikkei 225 rose 1.3% to 65,883.41 in morning trading, with some chipmakers gaining due to increased interest in artificial intelligence. In contrast, Australia's S&P/ASX 200 declined 0.7% to 8,700.50, while Hong Kong's Hang Seng dropped 0.5% to 24,715.95, and China's Shanghai Composite fell 0.8% to 3,902.33. South Korea's markets were closed for the Chuseok holiday, a traditional autumn harvest festival. In the energy market, U.S. crude oil prices fell 0.82% to $91.40 a barrel, and international benchmark Brent crude dropped 0.83% to $102.22. Both prices remain significantly higher than the $72 per barrel seen before the war with Iran began, with ongoing concerns that the conflict could keep oil prices elevated. Discussions continue between U.S. and Iranian officials, facilitated by mediators, but no major breakthroughs have been reached yet. On Wall Street, the U.S. bond market influenced stock prices as a strong economic report raised fears of persistent inflation. The S&P 500 fell 0.8%, closing just 0.4% below its recent record high. The Dow Jones Industrial Average dropped 352 points, or 0.7%, and the Nasdaq composite fell 1.1% from its all-time high. The yield on the 10-year U.S. Treasury bond climbed to 5.10%, a notable increase that can reduce the value of stocks and other investments by making borrowing more expensive. This rise briefly pushed the yield near 5.14%, a level not seen since before the 2007-2008 financial crisis. Recent increases in bond yields reflect concerns about high inflation, the U.S. government’s growing debt, and other economic factors. These worries were heightened by a report showing that U.S. business activity growth hit its strongest level in over five years. The Federal Reserve has raised interest rates for the first time in three years in an effort to curb inflation, with Governor Michael Barr indicating that more rate hikes may be necessary to meet the central bank's 2% inflation target. While the Bank of Japan recently raised its benchmark interest rate to stabilize the Japanese yen, the move was largely expected, and the yen has not shown a strong rebound. A weaker yen can hurt oil-importing Japan when oil prices are rising. In currency trading, the U.S. dollar slightly declined to 157.94 Japanese yen from 158.30 yen. The euro remained nearly unchanged at $1.1382. Overall, the S&P 500 closed at 7,706.03, down 58.61 points, while the Dow and Nasdaq also recorded losses.