New York Fed President John Williams argued for pre-emptive measures to support the economy, bolstering expectations of an aggressive rate cut this month.

Ten-year JGB futures rose 0.04 point to 153.59, extending their recovery from a 1-1/2-month low of 153.32 set on Tuesday.

In the cash bond market, the 10-year JGB yield  was flat at minus 0.14 percent, while the 20-year JGB yield was flat at 0.225%.

The two-year JGB yield fell 0.5 basis point to minus 0.205% and the five-year JGB yield also fell 0.5 basis point, to minus 0.235%.

Williams said policymakers need to add stimulus early to deal with too-low inflation when interest rates are near zero and cannot wait for economic disaster to unfold.

Fed Board of Governors Vice Chair Richard Clarida, meanwhile, said policymakers might need to act early to stimulate the U.S. economy as an insurance policy against rising risks.