TOKYO, May 10 (Reuters) - Japanese government bond (JGB) yields fell on Wednesday amid caution for U.S. April consumer price inflation data due later in the day.
The 10-year JGB yield fell 1 basis point (bp) to 0.410% and the 20-year JGB yield fell 1.5 bps to 1.025%.
The yields are under downward pressure as prospects for the change in the Bank of Japan's yield curve control weakened after the central bank said it would conduct a policy review that could take as long as 1-1/2 years.
"The 10-year bond prices will be underpinned by demand from investors who will continue covering their positions," said Gen Taniguchi, market analyst at Mizuho Securities.
Demand for super-long ended notes will also remain firm partly because insurers are trying to increase their JGB holdings and reduce positions in currency-hedged foreign bonds this year, said Taniguchi.
The 30-year JGB yield fell 1 bp to 1.260% ahead of an auction for the bond with the same maturity in the next session.
The 40-year JGB yield fell 1 bp to 1.450%.
Yields on shorter durations also dropped, with the two-year JGB yield retreating 1 bp to -0.045% and the five-year yield falling 1 bp to 0.115%.
Benchmark 10-year JGB futures rose 0.12 yen to 148.58, with a trading volume of 8,086 lots. (Reporting by Junko Fujita; Editing by Sohini Goswami)