The five-year JGB yield fell 1 basis point to minus 0.190 percent and the benchmark 10-year yield  declined 2 basis points to minus 0.090 percent.

The 30-year yield dropped 3 basis points to 0.500 percent.

Thursday's 2 trillion yen ($18.15 billion) two-year JGB auction attracted ample investor demand as risk aversion gripped the broader financial markets.

The bid-to-cover ratio, a gauge of demand, at the auction rose to 5.28 from 5.27 at the previous sale in February.

The 10-year U.S. Treasury note yield has slipped to 15-month lows on worries about a global recession and after the Reserve Bank of New Zealand on Wednesday shocked the markets by embracing a dovish tone on interest rates.

The benchmark German bund yield has also fallen sharply after sliding below zero percent for the first time since October 2016 at the end of last week.