* Nikkei edges up as yen eases, dollar bounces modestly

* Longer-term bond yields rise globally, focus on BOJ

* Talk US GDP report on Friday could beat forecasts

* Alphabet shares jump to record as results impress

By Wayne Cole

SYDNEY, July 24 (Reuters) – Global bond markets were under
strain on Tuesday amid talk of central bank tightening and the
risk of a robust reading on U.S. economic growth later in the
week, though stellar results from Alphabet could support tech
stocks in Asia.

Shares in the parent of Google climbed 3.6 percent
after-hours to hit a record high, valuing the internet giant at
a cool $870 billion.

That made up for an otherwise dull day on Wall Street where
the Dow eased 0.06 percent, while the S&P 500
gained 0.18 percent and the Nasdaq 0.28 percent.

In Asia, Japan’s Nikkei bounced 0.4 percent in early
trade as a pullback in the yen eased concerns about earnings
pressure on exporters.

Moves elsewhere were marginal with MSCI’s broadest index of
Asia-Pacific shares outside Japan barely

Bond bulls were still smarting from speculation that the
Bank of Japan is close to announcing measures to scale back its
massive monetary stimulus, a risk that lifted long-term
borrowing costs globally.

Markets were worried that Japanese investors would have less
incentive to hunt offshore for yield, said ANZ economist
Felicity Emmett.

“The 10 basis-point steepening in the Japanese yield curve
is massive in the context of a market that rarely moves more
than 1” basis point, she added.

“It reflects a broader fear that central banks are reducing
their purchases while U.S. bond supply is set to rise

As a result, 10-year U.S. Treasury yields jumped to their
highest in five weeks around 2.96 percent and were
again nearing the psychological 3 percent bulwark.

Part of the move was driven by chatter that data on
second-quarter U.S. economic growth (GDP) due on Friday would
easily top current forecasts of 4.1 percent.

Dealers noted some media reports President Donald Trump
himself was predicting an outcome of 4.8 percent. That would not
be out of bounds given the much-watched Atlanta Fed GDP tracker
puts growth at an annualised 4.5 percent.

Such a strong outcome would only add to the risk of faster
rate hikes from the Federal Reserve and underpin the dollar.

Against a basket of currencies, the dollar bounced to 94.619
from a low of 94.207 on Monday. The dollar also edged up
to 111.40 yen, from a trough of 110.75.

The euro lapsed to $1.1690, having run into
profit-taking at a peak of $1.1750 overnight.

In commodity markets, oil prices idled as the focus turned
to oversupply worries and away from escalating tensions between
the U.S. and Iran.

U.S. crude was flat at $67.87, while Brent
dipped 7 cents to $72.99 a barrel.

Spot gold was a fraction firmer at $1,224.46.

(Editing by Shri Navaratnam)