Japanese equities fell sharply on Wednesday as renewed US-Iran military strikes pushed oil prices higher and heightened concerns over economic growth. Rising government bond yields also added pressure on growth-oriented stocks, particularly technology and chip-related shares.The Nikkei dropped 2.95% to 64,254.56 as of 0154 GMT, while the broader Topix declined 2.37% to 4,082.89. The Topix was on track to end a nine-session winning streak.Oil prices rose nearly 1% in early Asian trading, extending the previous session's sharp gains, as the latest exchange of strikes between the United States and Iran raised concerns about disruptions to oil supplies and reduced hopes of a quick de-escalation in the Middle East.Read more: Global Market Today: Asian markets tumble as US-Iran fighting lifts oil and bond yieldsTechnology stocks were among the biggest decliners. SoftBank Group fell 6.23%, while Tokyo Electron and Advantest dropped 2.82% and 4%, respectively. Reuters attributed the weakness in chip-related stocks to rising global bond yields and concerns that the latest increase in yields was being driven by fiscal risks rather than expectations of stronger economic growth.Japanese government bond yields climbed to multi-decade highs. The 10-year JGB yield rose as high as 3.01%, its highest level since September 1996, while the two-year yield reached 1.83%, the highest since April 1995. The moves reflected growing expectations that the Bank of Japan could accelerate interest-rate hikes.Automakers also weighed on the market, with Toyota Motor falling 2.5% and Honda Motor declining 2.39%. Financial stocks, which can typically benefit from higher interest rates and bond yields, also moved lower. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group each fell 0.8%.Defensive drugmakers bucked the broader decline. Sumitomo Pharma gained 1.48%, while Shionogi & Co rose 0.92%, making them the top percentage gainers on the Nikkei.Market breadth remained weak, with about 93% of more than 1,300 stocks trading on the Tokyo Stock Exchange's Prime Market declining. Around 5% advanced, while 1% were unchanged.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times.)