By Satoshi Sugiyama

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 JP10YTN=JBTC fell 1.5 basis points (bps) to 2.630%. Yields move inversely to bond prices.

• The two-year yield JP2YTN=JBTC, the one most sensitive to Bank of Japan policy rates, decreased 1 bp to 1.395%. The five-year yield JP5YTN=JBTC 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. O/R

• "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.