JGB yields track U.S. Treasuries lower after Yellen's speech

TOKYO, Jan 20 (Reuters) - Japanese government bond yields fell on Wednesday, tracking weakness in U.S. bond yields after Treasury Secretary nominee Janet Yellen said during Senate confirmation testimony that tax cuts enacted in 2017 for large corporates should be repealed.

Yellen, a former Federal Reserve chair, also urged lawmakers to "act big" on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.

The yields were also pressured after the Bank of Japan maintained the size of all of its JGB buying operations at the same level as last time, purchasing 450 billion yen ($4.34 billion)of one to three-year notes, and 420 billion yen ($4.05 billion) each of three to five-year JGBs and five to 10-year bonds.

Some market players had speculated the BOJ could trim its bond purchase.

The 10-year JGB yield fell 0.5 basis point to 0.035%, while the 20-year JGB yield fell 0.5 basis point to 0.440%.

The 30-year JGB yield was flat at 0.655%. The two-year JGB yield fell 0.5 basis point to minus 0.135% and the five-year yield fell 0.5 basis point to minus 0.115%.

The 40-year JGB yield rose 0.5 basis point to 0.700%.

($1 = 103.7500 yen) (Reporting by Tokyo markets team; Editing by Rashmi Aich)