TOKYO, Feb 20 (Reuters) - Japanese government bond (JGB) yields on the superlong end ticked down on Tuesday as investors reacted to strong demand seen at an auction for the 20-year bond.

The 20-year JGB yield fell 2.5 basis points (bps) to a little over a one-week low of 1.480%.

The benchmark 10-year JGB yield rose 0.5 bp to 0.730%.

The bid-to-cover ratio at the auction was 3.85, up from 3.13 last month, to come in at its highest since September, suggesting increased demand.

The auction's tail, or the gap between the lowest and average price, narrowed to 0.04 yen from the previous 0.24 yen.

"The yield curve has steepened quite a bit. So, I think the (20-year bond) yield around 1.5% was seen as pretty good from an investor's perspective," said Makoto Suzuki, senior bond strategist at Okasan Securities.

The strong sales followed mixed results at the January auction of the same bond, although auctions for 30-year bonds and 10-year bonds saw solid demand earlier this month.

Yields move inversely to bond prices, with a lower bond price equalling a higher yield.

Investors have been weighing current yield levels against the expectation that the Bank of Japan (BOJ) will exit from negative interest rates in the near future.

Recent remarks by policymakers and poor gross domestic product (GDP) numbers, however, have investors feeling more comfortable that any interest rate hikes will be paced out when they happen, said Suzuki.

Japan's Ministry of Finance started selling fewer 20-year bonds this year, which also impacts the auction result numbers, he added.

The 30-year JGB yield declined 3.5 bps to 1.740%, its lowest in over two weeks.

The two-year JGB yield was flat at 0.145%, while the five-year yield rose 0.5 bp to 0.355%.

(Reporting by Brigid Riley; Editing by Sohini Goswami)