TOKYO Jan 17 (Reuters) - U.S. Treasuries rose in Asian trading on Thursday, attracting investors' favour as stocks erased early gains.
* The MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.4 percent in afternoon trading, building on two sessions of losses.
* Yields on 10-year Treasuries fell to 1.804 percent in Asian trade on Thursday, down from 1.815 percent in late U.S. trade on Wednesday.
* Yields on 30-year Treasuries stood at 2.997 percent, down from 3.009 percent on Wednesday.
* "Some bargain hunters come out whenever yields rise, because of the event risk tied to the question of raising the U.S. debt ceiling," said a fixed-income fund manager at a Japanese asset management firm in Tokyo.
After watching the prolonged impasse over the U.S. "fiscal cliff" issue, investors fear a repeat in the coming weeks as U.S. lawmakers haggle over raising the $16.4 trillion federal borrowing limit.
* Dallas Federal Reserve President Richard Fisher said late Wednesday that the effectiveness of the Fed's massive bond purchases in helping the economy was fading. The Dallas Fed chief is counted among the most hawkish of the Fed's policymakers in his concern about potential inflation.
Minneapolis Fed President Narayana Kocherlakota delivered his third speech in two days on Wednesday on why the Fed should hold interest rates ultra-low to ease policy further.
* Earlier on Wednesday, the Fed's latest Beige Book showed mild U.S. growth in recent weeks but showed no signal that economic expansion will accelerate.
* On the supply side, the Fed on Wednesday bought $1.474 billion in federal debt maturing from February 2036 through November 2042, which was a part of its $45 billion monthly purchases of Treasuries.