<div id="readability-page-1">TOKYO, May 20 (Reuters) - Japanese government bond (JGB) yields held near multi-decade and record highs on Wednesday before a sale of 20-year securities tests a nervous debt market. The benchmark 10-year JGB yield edged 0.5 basis point (bp) lower to 2.795% after rising for seven straight days to a 29-year peak on Tuesday. The yield on the 40-year JGB, Japan's longest tenor, reached a record high of 4.395% in the prior session. Yields move inversely to bond prices. Persistent inflation fears tied to elevated oil prices and the Iran war have been the key driver of a selloff in global bonds. U.S. Treasuries and German bunds extended falls overnight. Japan's Ministry of Finance will sell about 700 billion yen ($4.40 billion) in 20-year bonds later in the day. The yield on the 20-year JGB climbed to 3.8% on Tuesday, the highest since August 1996. &#34;The sharp rise in the JGB term premium has coincided with an increase in the inflation risk premium,&#34; Barclays analysts Ayao Ehara and Shinichiro Kadota said in a report. &#34;We expect weak auction results as our baseline scenario.&#34; Japan's fiscal outlook also added pressure, with expectations for increased JGB issuance tied to the government's planned extra budget. The Bank of Japan's hawkish messaging has fuelled speculation of a rate hike at the June meeting. Governor Kazuo Ueda on Tuesday acknowledged the rapid rise in long-term rates and pledged to monitor the JGB market closely. Meanwhile, Japan's stronger-than-expected first-quarter gross domestic product growth of 2.1% annualised has reinforced views that the economy may withstand higher borrowing costs. The two-year yield, the one most sensitive to BOJ policy rates, stood at 1.44%, the highest since May 1995. The five-year yield was steady at 2.025% after reaching an all-time high on Monday. ($1 = 159.0400 yen) (Reporting by Rocky Swift in Tokyo; Editing by Subhranshu Sahu)</div>

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日本政府債券（JGB）收益率在即將進行的 20 年期債券拍賣前仍接近歷史高位，10 年期收益率為 2.795%，40 年期收益率達到 4.395%。持續的通脹擔憂和潛在的 JGB 發行增加給市場帶來壓力。分析師預計，由於期限溢價上升，拍賣結果將疲軟。日本銀行的鷹派立場引發了加息的猜測，而日本 2.1% 的 GDP 增長則表明其在面對更高借貸成本時的韌性

在 20 年期拍賣測試市場之前，日本國債收益率保持在數十年來的高位附近