TOKYO, Feb 22 (Reuters) – Yields on Japanese government bonds fell on Tuesday as the yield curve flattened as investors flocked to the safety of bond assets amid heightened tensions in Ukraine.

The 10-year JGB yield fell 1.5 basis points to 0.190% at 0600 GMT, falling for a third consecutive session.

The 20-year yield fell 2 basis points to 0.645%, while the 30-year JGB yield fell 3 basis points to 0.860%.

Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognizing them as independent on Monday, accelerating a crisis the West fears could trigger a major war. Read more

A sharp drop in Japanese equities “triggered a one-notch boost in risk aversion,” said a market participant at a domestic securities firm.

The stock market index Nikkei 225 (.N225) ended down 1.7%, in its fourth consecutive session of declines.

Japanese stock and bond markets will be closed on Wednesday for a public holiday.

At the shorter end of the JGB curve, the five-year yield fell 2 basis points to 0.020%.

The two-year JGB was yet to trade that day and last fell minus 0.020%.

That led to the spread between two- and 30-year yields narrowing to around 89 basis points from just over 100 basis points on Thursday, the widest since November 2018.

The benchmark JGB 10-year futures index rose 0.19 points to 150.32, with trading volume at 22,162 lots.

Tokyo Markets Team Reports; Editing by Rashmi Aich

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