Approximate nearest neighbor (ANN) search is a widely applied technique in modern intelligent applications, such as recommendation systems and vector databases. Therefore, efficient and high-throughput execution of ANN search has become increasingly important. In this paper, we first characterize the state-of-the-art product quantization-based method of ANN search and identify a significant source of inefficiency in the form of unnecessary pairwise distance calculations and accumulations. To improve efficiency, we propose JUNO, an end-to-end ANN search system that adopts a carefully designed sparsity- and locality-aware search algorithm. We also present an efficient hardware mapping that utilizes ray tracing cores in modern GPUs with pipelined execution on tensor cores to execute our sparsity-aware ANN search algorithm. Our evaluations on four datasets ranging in size from 1 to 100 million search points demonstrate 2.2x-8.5x improvements in search throughput. Moreover, our algorithmic enhancements alone achieve a maximal 2.6x improvement on the hardware without the acceleration of the RT core.