The benchmark 10-year JGB yield touched 0.245%, its lowest since late July 2016.

The yield was last 1.5 basis points lower at minus 0.240pc.

The 20-year yield brushed 0.050pc and the 30-year yield plumbed 0.145pc, both lows not seen since July 2016.

JGB prices were boosted and their yields fell as risk aversion gripped the markets after the US Treasury two-year/10-year yield curve inverted for the first time in 12 years in a phenomenon widely regarded as a recession signal.

Thursday's 1.9 trillion yen ($17.94 billion) five-year JGB auction attracted ample investor interest thanks to strong demand for safe havens.

The auction bid-to-cover ratio, a gauge of demand, rose to 4.68 from 4.34 at the previous sale last month.