Some major stock benchmarks in Asia are approaching grim milestones as worries over policy tightening in the U.S. intensify the global selloff. Japan’s Topix Index and New Zealand’s benchmark gauge are both hovering near technical correction territory, while South Korea’s Kospi has plunged more than 15% from a July peak to hit its lowest since December 2020 on Monday. A measure for mainland China is also close to entering a bear market, joining Hong Kong’s Hang Seng Index that has been in that territory since August.