TOKYO, June 17 (Reuters) - Japanese government bond (JGB)

yields edged lower on Wednesday after falling oil prices eased

global inflation concerns, with investors awaiting outcome of

the U.S. Federal Reserve policy meeting.

Here are a few details:

* The benchmark 10-year JGB yield fell 1.5

basis points (bps) to 2.630%. Yields move inversely to bond

prices.

* The two-year yield, the one most sensitive

to Bank of Japan policy rates, decreased 1 bp to 1.395%. The

five-year yield fell 2 bps to 1.890%.

* Oil prices fell about 5% for a second consecutive day to

touch a three-month low on Tuesday on hopes a U.S.-Iran deal to

end the Middle East war will allow oil to flow through the

Strait of Hormuz.

* "There are no major trading cues scheduled during the day,

and the market is awaiting the FOMC outcome later tonight. As a

result, after the initial round of buying runs its course, we

expect a wait-and-see mood to gradually strengthen," said

Keisuke Tsuruta, senior bond strategist at Mitsubishi UFJ Morgan

Stanley Securities, in a note.

* Investors will be watching new Federal Reserve Chair Kevin

Warsh closely at his first post-Federal Open Market Committee

press conference on Wednesday, focusing on his remarks and any

changes in the Fed's communication. The Fed is widely expected

to keep interest rates steady and remove its reference to an

easing bias.

* The Bank of Japan on Tuesday raised interest rates to a

31-year high and signalled readiness to tighten further as it

focuses on taming price pressures from the Iran-war-induced

energy shock.

* Other JGB tenors were yet to be traded, as of 0032 GMT.