TOKYO, Jan 17 (Reuters) - Japanese government bond yields slipped on Friday after U.S. Treasury yields fell overnight following remarks from Federal Reserve Governor Christopher Waller indicating that multiple U.S. rate cuts were possible this year

The two-year JGB yield fell 1 basis point to 0.68%. The five-year yield fell 0.5 bp to 0.86%.

The 10-year JGB yield was flat at 1.2%.

"Unless the Bank of Japan (BOJ) issues hawkish comments that suggest further rate hike next week, the 10-year JGB yield will stay around this level even as the central bank raises its policy rate," said Yoshiro Sato, economist at Resona Holdings.

"The market has already priced in the BOJ's rate hike next week."

Bets for the BOJ's rate hike have grown after the central bank's top officials signalled the policy change this week. Swap rates indicated a 78.89% chance for the BOJ to raise its policy rate by 25 bps to 0.5% at its two-day meeting ending on Friday next week.

U.S. Treasury yields slipped overnight following comments from Waller who said three or four interest cuts this year are still possible if U.S. economic data weakens further.

The yields on longer-ended notes fell deeper, with the 20-year JGB yield falling 2 bps to 1.91% and the 30-year JGB yield declining 4 bps to 2.28%.

The 40-year JGB yield fell 3.5 bps to 2.735%. (Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)