Asian stocks saw a decline on Thursday, with Japanese, South Korean, and Australian shares falling, along with a drop in stock futures for Hong Kong. This followed a 0.9% drop in the S&P 500 on Wednesday.

The yen stabilized after reaching its weakest level against the U.S. dollar since July. On the other hand, futures for the Nasdaq 100 rose during Thursday's trading in Asia, driven by strong earnings from Tesla Inc., which boosted technology stocks.

U.S. Treasuries remained relatively unchanged in Asia, following a four basis point increase in the 10-year yield on Wednesday, marking the highest level in almost three months. Expectations for rate cuts by the Federal Reserve have been adjusted by traders, with swap traders now less confident in reductions during the remaining policy meetings this year. The term premium on 10-year Treasury notes has also reached its highest point since November, reflecting the higher yield investors require for holding longer-term debt over shorter-term securities.