EMERGING MARKETS-Asian currencies gain, yields fall as Fed rate hike bets ease

* Improved risk sentiment aids Asian stocks * South Korea's won up 0.9% to hit 1-month high * Yuan bucks regional trend and trades lower * Thailand's exports for April miss estimates By Harish Sridharan May 27 (Reuters) - Emerging Asian currencies strengthened on Friday as the dollar weaknened, while benchmark bond yields in several countries fell on hopes that the U.S. Federal Reserve might slow or even pause its tightening cycle later this year. Yields on Indonesia's historically high-yielding debt fell to 7.118%, its lowest since May 9, while the yield on Malaysia's benchmark 10-year note hit its trough since mid-April. Minutes from the Fed's May meeting, released Wednesday, showed most participants believed 50 basis-point hikes would be appropriate at the June and July policy meetings, but many thought big, early hikes would allow room to pause later in the year to assess the effects of that policy tightening.