TOKYO: Yields for Japanese 10-year government bonds rose to their highest level in more than two years on hopes for an economic recovery from the pandemic slump with progress on a $1.9 trillion US stimulus package.

The benchmark US 10-year treasury yield rose almost four basis points to hit a one-year high of 1.3822% during Asian trading hours as investors brace for a large government borrowing.

The 10-year JGB yield rose 1.5 basis points to 0.115%, highest since November 2018.

The 20-year JGB yield rose two basis points to 0.515% and the 30-year JGB yield rose 1.5 basis points to 0.690%.

The five-year yield rose one basis point to minus 0.070%.

The 40-year JGB yield rose 1.5 basis points to 0.735%.

Benchmark 10-year JGB futures fell 0.19 point to 151, with a trading volume of 22,502 lots.