TOKYO, April 24 (Reuters) - Japanese government bond prices dipped on Monday as the market’s favoured candidate won through the first round of the French presidential election and after the Bank of Japan trimmed its purchase in three to five-year bonds.
The 10-year JGB yield ticked up 1 basis point to 0.020 percent while the 20-year JGB yield also rose 1 basis point to 0.555 percent.
Last week, yields fell to their lowest levels since last year, as uncertainty over the French election and worries about rising tensions over North Korea fuelled safe-haven bids.
In France, centrist Emmanuel Macron took a big step toward the presidency on Sunday by coming to the top in the first round vote, qualifying for the May 7 runoff alongside far-right leader Marine Le Pen.
The BOJ reduced its purchase of bonds with three to five years left to maturity in its operation on Monday to 320 billion yen ($2.9 billion) from the previous 350 billion yen.
As a result, those maturities were the weakest on the yield curve, with five-year yield rising 1.5 basis points to minus 0.160 percent.
The benchmark 10-year JGB futures dropped 0.08 point to 151.00.
$1 = 110.12 yen Reporting by Tokyo Markets Team; Editing by Sam Holmes