World stocks on Friday closed out their steepest weekly slide since the pandemic meltdown of March 2020.
Investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth.
The Bank of Japan was the only outlier in a week where money prices rose around the world, sticking on Friday with its strategy of pinning 10-year yields near zero.
Asian shares fell to a five-week low after the Bank of Japan stuck to its ultra-accommodative policy stance.
The yen fell 2.2% by late Friday, bolstering the U.S. dollar, which rose 0.73% against a basket of major currencies.
Sterling fell 1% in New York as investors focused on the gap between US and UK rates.