TOKYO, March 19 (Reuters) - Japanese government bonds

(JGBs) fell on Thursday as investors awaited a decision by the

central bank and signals for how policymakers will address

inflation pressures from surging oil prices.

The benchmark 10-year JGB yield rose 3.5

basis points to 2.250%. The five-year yield rose 2

bps to 1.665%. Yields move inversely to bond prices.

JGB yields have been on the rise recently as the Middle East

conflict pushes energy prices higher and pressures global

central banks to address inflation fears.

The U.S. Federal Reserve and the Bank of Canada struck

hawkish tones in their policy readouts on Wednesday. The Bank of

Japan is widely expected to keep interest rates steady on

Thursday at the conclusion of its two-day policy meeting, but

market views on its rate path are divided.

"A major focus will be on how much caution the Bank of Japan

will show regarding the risk of upward pressure on inflation,

given its relatively accommodative policy stance," Ataru

Okumura, a senior strategist at SMBC Nikko Securities, said in a

report.