TOKYO: Japanese government bond yields rose on Tuesday, tracking higher longer-term US government bond yields overnight, and as a domestic equities rally dented demand for safe-haven debt.

The 10-year JGB yield rose one basis point to 0.045% and the 20-year JGB yield rose one basis point to 0.450%.

The 30-year JGB yield rose 0.5 basis point to 0.655%, while the 40-year JGBs were not traded and the yield stayed at 0.695%.

Yields on longer-dated US Treasury rose overnight, while those on short-term debt fell, following a blow to Democratic spending plans in Washington and on concerns about the continued spread of the Omicron coronavirus variant.

In Japan, the Nikkei stock average jumped 2% as investors snapped up stocks that were dragged by concerns of the Omicron COVID-19 variant.

The two-year bonds were not traded and their yield remained at minus 0.115%.

The five-year yield rose one basis point to minus 0.100%.

Benchmark 10-year JGB futures fell 0.15 point to 152.09, with a trading volume of 11,407 lots.