TOKYO, Jan 27 (Reuters) - Long-term Japanese government bond yields advanced on Wednesday as investors remain cautious about the possibility the Bank of Japan could reduce its buying in longer maturities when the central bank reviews its policy in March. Investors were on edge also ahead of the results of the U.S. Federal Reserve’s two-day policy gathering, although analysts expect the Fed to stick to its dovish tone amid a persistent surge in COVID-19 cases. The 30-year JGB yield rose one basis point to 0.655% and the 40-year JGB yield rose 0.5 basis point to 0.705%. Benchmark 10-year 10-year JGB yield was flat at 0.030%, while JGB futures fell 0.04 point to 151.94. The 20-year JGB yield rose one basis point to 0.440%. The two-year JGB yield rose 0.5 basis point to minus 0.135%. The five-year yield rose 0.5 basis point to minus 0.115%. (Reporting by Tokyo markets team, Editing by Sherry Jacob-Phillips)