Immediately after the announcement, the yield on the U.S. 2-year Treasury note briefly hit 0.848 percent, while the yield on the 10-year Treasury note briefly hit 1.738 percent.
Earlier on Wednesday, the Bank of Japan announced it would abandon its monetary base target in favor of targeting the yield curve for Japanese bonds. It held the deposit rate unchanged at -0.1 percent and said it would maintain its program of bond purchases.
Japanese 10-year sovereign bonds fell following the news.
The Japanese Nikkei 225 closed around 1.9 percent higher subsequently, having traded 0.3 percent up on the day before the decision was announced. Japanese banking shares rose to close sharply higher, boosted by the news of no further rate cuts.
Euro zone sovereign bonds traded mostly higher and European shares also rallied in early trade on the Bank of Japan news.
—CNBC's Arjun Kharpal contributed to this report.