Asian equities started the week under pressure after a weaker-than-expected U.S. employment report rekindled worries over global growth and sparked a sharp rally in sovereign bonds. The data, released Friday, sent Wall Street lower and pushed investors to ratchet up bets that the Federal Reserve will begin easing policy as soon as next month. Japan led regional losses, with the Nikkei 225 falling roughly 1.8% and related futures sliding 2.4%. Australia’s S&P/ASX 200 declined 0.2% to 8,641.80, while China’s Shanghai Composite slipped 0.36% at the open. Hong Kong’s Hang Seng Index reversed early drops, and its technology gauge climbed more than 1% on strength in chipmakers Hua Hong Semiconductor and SMIC. Risk aversion steered money into Japanese government bonds. The 10-year JGB yield fell 8.5 basis points to 1.465% and the five-year yield retreated to 1%. Ten-year futures rose 0.7 yen to 138.85, their highest level since 8 July, mirroring Friday’s rally in U.S. Treasuries. Futures linked to the Fed funds rate now assign about a 90% probability to a September cut, up sharply from before the payrolls release, and some desks see room for a 50-basis-point move. The shift in rate expectations kept the dollar subdued against the yen and other major currencies. Broader sentiment is also being tempered by policy risk and commodity moves. Investors remain wary of President Donald Trump’s latest round of tariffs, while Brent crude edged down to roughly $69 a barrel after OPEC+ agreed to raise output by 547,000 barrels a day in September.