TOKYO, May 17 (Reuters) - Japanese government bond

yields rose on Friday, tracking an overnight advance in U.S.

yields, even as the Bank of Japan refrained from additional bond

purchase cuts.

The 10-year JGB yield was up 1.5 basis points

(bps> to 0.935%, as of 0142 GMT, after equivalent U.S. Treasury

yields first dipped to a six-week low of 4.313% before climbing

to end Thursday up 2 bps at 4.377%.

Benchmark 10-year JGB futures fell 0.14 yen to

144.13.

The bounce in U.S. yields followed a decline in weekly

jobless claims, and several Federal Reserve officials backed the

case for holding interest rates at current elevated levels for

now.

Meanwhile, the BOJ on Friday kept the amounts unchanged at a

regular bond-buying operation, after unexpectedly reducing

purchases of bonds with 5-10 years left to maturity earlier in

the week.

The yen dipped in response to Friday's decision to

keep the status quo, from 155.52 per dollar before the

announcement to last trade at 155.86.

"There were expectations that the BOJ would reduce the 3-

and 5-year bucket to balance out the drop in 5- and 10-year

purchases on Monday," said Shoki Omori, chief Japan desk

strategist at Mizuho Securities.

"I didn't think they would, because if the BOJ cuts at a

fast pace, markets are going to keep wanting more," he added.

"There is no need for the BOJ to hurry."

The two-year JGB yield, which is most

sensitive to monetary policy expectations, rose 0.5 bp to

0.325%.

The five-year yield added 1 bp to 0.540%.

The 20-year JGB yield advanced 1.5 bps to

1.740%.

The 30-year JGB yield increased 2 bps to

2.050%.