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TOKYO, Aug 15 (Reuters) - Japanese government bond yields dropped to three-year lows on Thursday, as fears of a global recession gripped the broader markets following an inversion of the U.S. Treasury yield curve.
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 0.240%.
The 20-year yield brushed 0.050% and the 30-year yield plumbed 0.145%, both lows not seen since July 2016.
JGB prices were boosted and their yields fell as risk aversion gripped the markets after the U.S. 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.
($1 = 105.8900 yen) (Reporting by the Tokyo markets team; Editing by Shounak Dasgupta)