TOKYO - Japan's 10-year bond yields fell on Friday to their lowest in more than two weeks, as concerns grew about a global recession after the European Central Bank raised interest rates by more than expected.

The 10-year JGB yield fell 1.5 basis points to 0.220%, its lowest since July 5.

The 20-year JGB yield fell 3 basis points to 0.870%, its lowest since July 4.

The ECB raised its benchmark deposit rate by 50 basis points to zero percent, breaking its own guidance for a 25-basis-point move and marking its first rate hike in 11 years.

"The main theme in markets is dominated by inflation and recession and central banks are to choose which one to tackle first," said Noriatsu Tanji, chief bond strategist at Mizuho Securities.

"The economy in Europe is weaker than that in the U.S. So, the rate hike has spurred more concerns about recession."

The 30-year JGB yield fell 2 basis points to 1.235% and the 40-year JGB yield fell 1.5 basis points to 1.430%.

The two-year JGB yield was flat at -0.080%.

The five-year yield fell 1 basis point to 0.005%.

Benchmark 10-year JGB futures rose 0.37 point to 149.72, with a trading volume of 16,628 lots.

(Reporting by Tokyo markets team; Editing by Subhranshu Sahu)