By TOMOYUKI TACHIKAWA TOKYO—Japanese government bond yields generally fell as a stronger yen rekindled concerns about the nation's export-driven economy, prompting investors to move into safe-haven assets. But demand for superlong-dated paper receded as some players sold such bonds to lighten positions ahead of a 20-year bond auction on Thursday. The benchmark 10-year yield eased 0.005 percentage point to 1.085%. The 20-year yield, however, rose 0.01 percentage point to 1.805%. Japan is to sell 1.1 trillion yen ($12.58 billion) worth of the debt. If demand is tepid, it could prod investors to sell superlong-term bonds, driving up yields, analysts said. Katsutoshi Inadome, fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities, said the tender is unlikely to go smoothly, given that the coupon could be set at 1.8%, its lowest level since February 2004. "Investors should refrain from buying 20-year bonds actively" at the auction, he added.

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