Asia-Pacific stocks set to fall as U.S. 10-year Treasury yield notches 16-year high

Asia-Pacific markets are set to open lower after the U.S. 10-year Treasury yield hit its highest level in 16 years.

In Japan, the Nikkei 225 looks set to fall with the futures contract in Chicago at 30,775, and its counterpart in Osaka at 30,700 against its last close at 31,237.94.China's markets remain closed for a weeklong holiday.10-year U.S. Treasury yieldMarkets have already bottomed and are in the middle of a new bull market, Dan Chung says

Wall Street may have already seen a market bottom when the S&P traded at 3,500 last year, according to Fred Alger Management chief executive and investment officer Dan Chung. "Since a year ago, we've had about seven months up out of the last 11 or 12. We've had two months of correction or pullback and its natural. We expect a little bit more, we see a strong economy, but we also see the Fed fighting the fight with inflation," Chung told CNBC's"Gold falls for the seventh consecutive sessionSpot gold was recently down 0.4% at $1,819.50 per ounce, falling for a seventh consecutive session to its lowest since March 9. U.S. gold futures shed 0.

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