The yen, which is sensitive to U.S. yields as higher rates can draw flows from Japan, touched an 18-month low of 111.685 per dollar early in the Asia session. Elsewhere, the dollar was firm after broad gains overnight lifted the dollar index against other major currencies to an 11-month high of 93.805. It was last marginally below that level at 92.728. U.S. Treasury yields have surged lately - with benchmark 10-year rates up 25 basis points in five sessions to 1.5548% - as Fed tapering looms before the year’s end and as inflation starts to look stickier than first thought. Along with the Fed’s tone, energy prices are surging and concerns are gathering about the growth outlook in China - now at risk both from a messy collapse at developer China Evergrande and rolling power outages that are hitting output. Sterling copped a particular beating overnight as concern over the economic impact of a shortage of gas and a scramble for fuel pulled it 1.2% lower on the stronger dollar, its largest daily fall in more than a year.