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. 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. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1 percent, after hitting a three-week high the day before, while Japan’s Nikkei was little changed. U.S. stock futures also slipped with S&P 500 e-minis down 0.25 percent and Nasdaq e-minis losing 0.48 percent. European Stoxx 50 futures were flat. “From Asia’s perspective, it’s a slightly more risk-off tone because it’s one of those …