Asian shares skid as rising U.S. yields hit tech stocks – Reuters

Asian shares skid as rising U.S. yields hit tech stocks – Reuters

HONG KONG, Jan 5 (Reuters) - 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.

The shift in market focus back to prospect for U.S. interest rate hikes has revived a rotation out of growth-sensitive stocks, such as tech firms, into ones that offer income, such as financials and industrials.