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Hong Kong stocks tumble 3%, Asia continues Wall Street's sell-off; Bank of Japan holds rates - CNBC

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Stocks in the Asia-Pacific dipped on Friday, as investors await the closely watched February non-farm payrolls report from the U.S. that could further determine the direction on the Federal Reserve's rate hikes ahead.

The Hang Seng index in Hong Kong fell 3.09%, leading losses in the region. In mainland China, the Shenzhen Component shed 1.2% and the Shanghai Composite fell 1.4% as China's Xi Jinping formally secured an unprecedented third term as president.

In Australia, the S&P/ASX 200 tumbled 2.28% to close at 7,144.7 continuing the selloff on Wall Street led by bank stocks on contagion worries related to Silicon Valley Bank. South Korea's Kospi lost 1.01% to 2,394.59 and the Kosdaq fell 2.55% to 788.60.

The Nikkei 225 in Japan shed 1.67% to 28,143.97 and the Topix lost 1.91% to 2,031.58 as Bank of Japan held its interest rates at -0.1%, widely in line with expectations in a Reuters poll.

Japan's parliament approved Kazuo Ueda as the next Bank of Japan governor, Kyodo reported current governor Haruhiko Kuroda chaired his last policy meeting before his term ends on April 8.

Overnight in the U.S., stocks tumbled Thursday, with the S&P 500 closing 1.8% lower and the Dow Jones Industrial Average shed more than 500 points as investors braced for a key payroll report Friday that could shape the direction of interest rates.

— CNBC's Evelyn Cheng, Samantha Subin, Hakyung Kim contributed to this report

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