Asian Shares Skid as Rising US Yields Hit Tech Stocks

Monitors displaying the stock index prices and Japanese yen exchange rate against the U.S. dollar are seen after the New Year ceremony marking the opening of trading in 2022 at the Tokyo Stock Exchange (TSE) in Tokyo on Jan. 4, 2022. Issei Kato/Reuters

HONG KONG—Asian stocks fell on Wednesday as higher U.S. Treasury yields weighed on global tech firms and pushed the dollar to a five-year high against Japan’s yen.

U.S. yields rose on Tuesday as bond investors geared up for interest rate hikes from the Federal Reserve by mid-year to curb stubbornly high inflation.