* MSCI Asia-Pacific index up 0.15 pct, Nikkei rises 1.45 pct
* Asia stocks track Wall Street's rise
* U.S. yields near 4-month highs amid ebb in risk aversion
* Oil prices consolidate after rally
* World FX rates in 2018 http://tmsnrt.rs/2egbfVh
By Shinichi Saoshiro
TOKYO, Sept 19 (Reuters) - Asian stocks rose and U.S. Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the U.S.-China trade conflict, seen by some market participants as less severe than expected.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.15 percent.
Australian stocks .AXJO added 0.35 percent, South Korea's KOSPI .KS11 climbed 0.1 percent and Japan's Nikkei .N225 rose 1.45 percent.
Equity markets in Asia took their cues from Wall Street, which posted a broad-based rally on Tuesday amid emerging views that the U.S.-China trade dispute's impact on world growth might not be as heavy as previously feared. .N
"The broader equity markets are able to regroup now that the latest phase of the U.S.-China trade war is over," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
"There was relief as the United States set the initial tariffs at 10 percent, rather than the expected 25 percent, seen by some as a gesture that it was buying time for further negotiations."
On Monday, the U.S. administration said it will begin to levy new tariffs of 10 percent on $200 billion of Chinese products on Sept. 24, with the tariffs to go up to 25 percent by the end of 2018. China said it will levy tariffs on about $60 billion worth of U.S. goods, as previously planned, but cut the tariff rates. U.S. Treasuries were sold and their yields rose on the back of improved investor risk appetite.
The benchmark 10-year Treasury yield US10YT=RR stood at 3.055 percent after touching 3.059 percent overnight, its highest since May 23.
The rise in yields propped up the dollar in turn. The greenback climbed to a two-month high of 112.395 yen JPY= overnight and last traded at 112.300.
China's yuan was a shade firmer at 6.858 per dollar in offshore trade CNH=D4 after edging up 0.15 percent on Tuesday.
The Australian dollar, seen as a gauge of risk sentiment, edged up to a two-week peak of $0.7235 AUD=D4 after advancing nearly 0.6 percent on Tuesday.
The euro was flat at $1.1671 EUR= .
The pound shook off modest overnight losses and rose to $1.3175 GBP=D4 , its highest since July 26. Growing confidence that London and Brussels can secure an agreement has encouraged investors to buy into the British currency.
Crude oil prices consolidated after rallying the previous day on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signalled an informal target near current levels. O/R
U.S. crude futures CLc1 was 0.25 percent lower at $69.69 a barrel after surging 1.4 percent on Tuesday.
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