TOKYO, March 16 (Reuters) - Japanese government bonds dipped on Monday after a rally by euro zone debt stalled, with the market in a wait-and-see mode ahead of a closely-watched Federal Reserve policy meeting later in the week that could set the near-term tone for debt markets.
An advance by Tokyo's Nikkei to a new 15-year high also dulled the appeal of JGBs.
The benchmark 10-year JGB yield rose half a basis point to 0.415 percent. June 10-year futures slipped 0.03 point to 147.10.
The 20-year yield bucked the trend and fell 1.5 basis points to 1.215 percent.
Despite the decline market participants braced for a possible rebound in the 20-year yield as an auction of the maturity loomed on Wednesday, just before the Fed's Mar. 17-18 policy meeting ends.
The rally in euro zone bonds paused on Friday as some investors booked profits after the first week of central bank buying drove yields to record lows.
(Reporting by Tokyo markets team; Editing by Shri Navaratnam)