TOKYO, Sept 29 (Reuters) - Japanese government bond prices gained on Wednesday, bringing their yields off multi-month highs as Japanese shares fell sharply and former foreign minister Fumio Kishida won a ruling party leadership race.
Rising bond yields in the United States and many other countries on concerns about inflation, however, limited gains.
Benchmark 10-year JGB futures rose 0.05 points to 151.42, rebounding from 4-1/2-month lows hit earlier in the day.
The 10-year JGB yield fell 1 basis point to 0.060%, off its three-month high of 0.070% touched in the previous day and earlier on Wednesday.
The 20-year JGB yield fell 1 basis point to 0.450%, having stepped back from a 5-1/2-month high of 0.465% touched on Tuesday, while the 30-year yield dropped 1.5 basis points to 0.675%.
Bonds benefited from safe-haven bids as Japanese share prices tumbled, tracking global peers.
Some bond investors were also relieved at Kishida beating other candidates, particularly Sanae Takaichi who had called for aggressive spending, to become the leader of the ruling Liberal Democratic Party.
The winner of the party poll will most likely succeed unpopular Prime Minister Yoshihide Suga, who is not seeking re-election after just one year in office.
At the shorter end, the two-year yield was flat at minus 0.130%, while the five-year yield fell 0.5 basis points to minus 0.090%.
(Reporting by Tokyo Markets Team; Editing by Ramakrishnan M.)