Asian shares skidded Tuesday following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks.

The Shanghai Composite index lost 1.4% to 3,013.84 even though the Chinese government reported that the economy grew at a faster-than-forecast annual rate of 5.3% in the first quarter of the year. In quarterly terms it expanded at a 1.6% pace.

The Hang Seng in Hong Kong lost 1.9% to 16,279.66.

Tokyo’s Nikkei 225 fell 2.1% to 38,402.59 as the dollar continued to gain against the Japanese yen, hitting fresh 34-year highs. By midday the dollar was trading at 154.33 yen, up from 154.27 yen.

The euro slipped to $1.0613 from $1.0626.