TREASURIES-Hold firm as regional stocks tumble

* Treasuries hold firm on safety bids

* Asian stocks tumble on global recession fears

* Short-term notes receive repatriation funds

By Satomi Noguchi

TOKYO, Oct 23 (Reuters) - U.S. Treasuries held firm in Asia on Thursday as regional stocks tumbled on growing fears about a global recession, keeping investors attracted to the safety of bonds.

Deteriorating financial conditions in emerging markets, which have forced some governments to take action to protect their economies, provided support to short-term Treasuries, investors said.

The dollar hit a two-year high against a basket of currencies on Thursday as the worsening global economy prompted investors to slash risky assets including stocks and currencies in emerging markets.

"U.S. investors who repatriate their funds from abroad would want to hold their money either in short-term Treasuries or cash," said a senior manager of the securities investment group at Japanese trust bank.

The two-year note US2YT=RR was unchanged in price from late New York trade on Wednesday to yield 1.511 percent.

The one-month Treasury-bill rate US1MT=RR fell to 0.507 percent, down about 4 basis points from late U.S. trade, after rising this week on more signs of a thaw in the global money market.

The benchmark 10-year Treasury note US10YT=RR rose 3/32 in price to yield 3.586 precent, down a basis point.

The Nikkei share average .N225 fell more than 6 percent and hit its lowest point in more than five years, with South Korean shares dropping 9 percent .KS11 and Hong Kong's shares .HSI sliding 6 percent. [ID:nSP394518]

Fears of trouble in emerging markets were fuelled by huge falls in Argentine stocks after the government there moved to nationalise private pensions. Investors read the government move as a desperate action to stave off default.

Hungary raised rates by 300 basis points to protect its currency as panic spread to Eastern Europe. [ID:nLM137440]

The dollar index, which measures the U.S. currency's value against a basket of six currencies, reached as high as 86.070 .DXY, a two-year peak. (Editing by Chris Gallagher)