(fxcue news) - The Japanese stock market moved back to the downside again on Wednesday, one day after ending the four-day losing streak in which it had slumped more than 700 points or 2 percent. The Nikkei 225 now sits just beneath the 37,300-point plateau and it may take further damage again on Thursday. The global forecast for the Asian markets is negative on concerns over rising bond yields. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets also figure to open under pressure. The Nikkei finished modestly lower on Wednesday following losses from the technology stocks and mixed performances from the financial shares and automobile producers. For the day, the index dropped 230.51 points or 0.61 percent to finish at 37,298.98 after trading between 37,298.98 and 37,659.94. Among the actives, Nissan Motor accelerated 1.45 percent, while Mazda Motor dipped 0.16 percent, Toyota Motor fell 0.37 percent, Honda Motor climbed 1.09 percent, Softbank Group sank 0.70 percent, Mitsubishi UFJ Financial slid 0.23 percent, Mizuho Financial spiked 2.72 percent, Sumitomo Mitsui Financial collected 0.96 percent, Mitsubishi Electric skidded 1.05 percent, Sony Group tanked 2.81 percent, Panasonic Holdings slumped 1.13 percent and Hitachi dropped 0.91 percent. The lead from Wall Street is bleak as the major averages opened lower on Wednesday and only got worse as the day progressed, ending near session lows. The Dow tumbled 816.80 points or 1.91 percent to finish at 41,860.44, while the NASDAQ dropped 270.07 points or 1.41 percent to close at 18,872.64 and the S&P 500 sank 95.85 points or 1.61 percent to end at 5,844.61. The weakness on Wall Street was the result of a continued increase by bond yields, with the 30-year bond yield climbing above 5 percent due to concerns a new U.S. tax bill could worsen the country's deficit. President Donald Trump's sweeping tax and spending bill is one step closer to a full vote in the House of Representatives, with economists warning the proposal would add more than $2.5 trillion to the federal debt over the next decade. Treasury yields saw further upside after the Treasury Department revealed this month's auction of $16 billion worth of 20-year bonds attracted below average demand. Crude oil futures fell under pressure Wednesday after a report released by the Energy Information Administration showed U.S. crude oil inventories unexpectedly increased last week. West Texas Intermediate crude for July delivery slid $0.46 to 0.7 percent to $61.57 a barrel. Closer to home, Japan will release March figures for core machinery orders later this morning. Orders are expected to slip 1.5 percent on month and 2.5 percent on year after rising 4.3 percent on month and 1.5 percent on year in February. Japan also will see preliminary May results for the manufacturing and services PMIs from Jibun Bank; in April, their scores were 48.7 and 52.4, respectively.