TOKYO, Nov 16 (Reuters) - Japanese government bond (JGB) yields were mixed on Thursday as U.S Treasury yields picked up from two-month lows and investors made adjustments after JGB yields sank in the previous session.

The 10-year JGB yield was last down 0.5 basis point (bp) at 0.790%, after touching its lowest level since Oct. 17 the previous day.

The 30-year JGB yield, meanwhile, rose to as high as 1.735% before settling 1 bp higher at 1.710%.

U.S. Treasury yields rebounded overnight despite signs of slowing inflation in the United States after a revision of retail sales data showed strong gains in September. The benchmark 10-year yield stood around 4.50% in Asian hours.

Even given U.S. Treasury yields' ups and downs, to which JGBs tend to be sensitive, "Japan's interest rate fell too much (on Wednesday), so I think there's a bit of an adjustment reaction happening," said Takeshi Ishida, strategist at Resona Holdings.

JGB yields fell heavily across maturities on Wednesday as they tracked a drop in their U.S. peers, while at the same time the Bank of Japan (BOJ) reduced offer amounts for its regular buying of JGBs.

The 20-year JGB yield was up 1 bp at 1.515%.

On the short end, the two-year JGB yield ticked down 0.5 bp to 0.055%.

Japan's disappointing GDP data could also be generating some uncertainty on the BOJ's timeline to exit from its ultra-easy monetary policy among investors, according to strategists.

The country's economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday.

The latest GDP data "underscores the persisting challenges," said Ryutaro Kimura, fixed income strategist at AXA Investment Managers, "casting doubt on the BOJ's scenario for achieving its inflation target with a positive cycle of inflation and wage growth."

Expectations have grown that Japan's central bank could end negative interest rates sometime early next year, with its latest tweak to yield curve control at the October policy meeting seen as a small step toward that goal. (Reporting by Brigid Riley; Editing by Varun H K)