TOKYO, Aug 28 (Reuters) - Japanese government bonds

rallied on Thursday as yields at historic highs drew in buyers

and political pressure on the nation's fiscally conservative

prime minister appeared to ease.

JGBs have skidded in recent months as concerns mounted about

the government's debt levels and deficit spending. Selling

intensified after the Prime Minister Shigeru Ishiba-led

coalition's poor electoral showing last month.

Ishiba has insisted on staying on in the job, and domestic

media reports this week indicated that momentum was waning for

an early leadership vote within his Liberal Democratic Party

(LDP).

"It looks more likely that the LDP won't bring forward its

presidential election," said Katsutoshi Inadome, senior

strategist at Sumitomo Mitsui Trust Asset Management.

The 30-year JGB yield fell 4.5 basis points

(bps) to 3.185% from the unprecedented 3.22% reached on

Wednesday. The benchmark 10-year yield fell 1 bp

to 1.615% from the previous session's 1.625%, the highest since

2008.

The 20-year yield fell 3 bps to 2.620%. The

two-year yield fell 2 bps to 0.845% ahead of an

auction of the debt in the afternoon.

The five-year yield fell 1 bp to 1.150%.