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TOKYO/SYDNEY (Reuters) - Asian stocks bounced from near two-week lows on Tuesday as investors paused for breath following the heavy selling of recent sessions and waited to see if the dollar’s rally was sustainable.

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An employee of the Tokyo Stock Exchange (TSE) works at the bourse in Tokyo, Japan, February 6, 2018. REUTERS/Toru Hanai

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher, having hit its lowest level since April 9 following two straight days of declines. Japan's Nikkei .N225 rose 0.7 percent, helped by a decline yen which supports exporting firms.

Chinese shares climbed about 2 percent .CSI300 .SSEC, while Hong Kong's Hang Seng index .HSI added 1 percent.

U.S. bond prices rebounded too, capping four days of falls that sent 10-year Treasury yields closer to the key psychological barrier of 3 percent - a level not seen since early 2014. US10YT=RR

The U.S. dollar, which has risen in the past five sessions against a basket of major currencies, also took a breather to camp near a four-month peak. .DXY

“Investors are now watching closely to see if we are in the eye of the recent storm of volatility or if we do have calm seas ahead leading to stronger global growth,” said Nick Twidale, Sydney-based chief operating officer at Rakuten Securities Australia.

“Only time will tell but certainly the market is keeping a close eye on the news wires and screens for anything that may lead to a return to volatility and downside risk.”

The bond market is bracing for combined sales of $96 billion in coupon-bearing Treasuries this week on greater government borrowing following a massive tax overhaul last year and a two-year budget agreement reached in

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