TOKYO, May 23 (Reuters) - Japanese government bond yields ticked lower on Monday, with that on the 10-year note briefly dipping to a three-week low, amid a gradual easing in U.S. yields as investors fretted about the risks of an economic slowdown.
The 10-year JGB yield fell 0.5 basis point to 0.230% as of 0700 GMT, after earlier declining to 0.225% for the first time since May 2.
Equivalent-maturity 10-year Treasury yields consolidated around 2.8% in Tokyo after slipping the past three sessions. They were at a multi-year peak above 3.2% just two weeks ago.
"There is a strengthening feeling that the U.S. 10-year Treasury yield has hit a ceiling, which is making it easier to buy yen bonds too," said a market participant at a domestic securities firm.
The 20-year JGB yield retreated 1 basis point to 0.725%, and the 30-year yield eased 0.5 basis point to 0.980%.
The two-year JGB yield fell 0.5 basis point to -0.065%, while five-year yields were flat at 0.010%.
Benchmark 10-year JGB futures, however, bucked the trend in cash bonds, slipping 0.05 point to 149.73. (Reporting by Kevin Buckland; Editing by Christopher Cushing)