Asian stock markets are trading lower on Friday as U.S. bond yields soared on expectations U.S. President-elect Donald Trump's policies would stoke inflation.

Hong Kong's Hang Seng fell 317.09 points or 1.39 percent to trade at 22,522.02. Singapore's Straits Times declined 12.61 points or 0.44 percent to trade at 2,821.48.

South Korea's KOSPI lost 17.39 points or 0.87 percent to trade at 1,985.21. Taiwan's TAIEX plunged 194.33 points or 2.12 percent to trade at 8,957.85.

Japan's benchmark index, Nikkei 225 gained 98.68 points or 0.57 percent to trade at 17,443.10. China's benchmark index, Shanghai Composite gained 5.31 points or 0.17 percent to trade at 3,176.59.