Major central banks have been cutting interest rates due to growing concerns about the global economic outlook.

The unusually dovish stance by the Reserve Bank of New Zealand suggests policy rates have more room to fall, which will push already depressed global bond yields down even further.

Benchmark 10-year JGB futures rose 0.22 point to 154.39, with a trading volume of 29,439 lots. At one point, the futures rose to a record high of 154.46.

The 10-year JGB yield fell 1.5 basis points to minus 0.200%. Earlier 10-year yields touched minus 0.215%, the lowest since July 2016.

The 20-year JGB yield fell 2.5 basis points to 0.140%.

At the short end of the curve, the two-year JGB yield  fell 1 basis point to minus 0.235%.

The five-year JGB yield fell 2 basis points to minus 0.295%. Yields on five-year cash bonds earlier hit minus 0.289%, the lowest since July 2016.