TOKYO: Japan's 10-year government bond yields fell to a month low on Tuesday, boosted by a stronger-than-expected outcome of an auction, while declines in US Treasury yields overnight underpinned demand.

The 10-year JGB yield fell 0.5 basis point to 0.175%, its lowest level since Feb. 3.

The auction for the 10-year bonds received bids worth 3.24 times the amount sold, lower than a ratio of 3.27 times at the previous auction.

Still, investors found the outcome strong as the lowest bid price was higher than expectations, a market participant said.

The yield also tracked declines in peers on US Treasuries overnight as tension between Russia and Ukraine intensified after the West ramped up sanctions against Moscow, including blocking banks from the SWIFT global payments system, boosting demand for safe-haven debt.

The 20-year JGB yield rose 0.5 basis point to 0.660% and the 30-year JGB yield rose one basis point to 0.895%.

The 40-year JGB yield rose 0.5 basis point to 0.935%.

The two-year JGB yield was flat at minus 0.035% and the five-year yield was flat at 0.005%.

Benchmark 10-year JGB futures rose 0.05 point to 150.55, with a trading volume of 19,126 lots.