TOKYO (Reuters) - The Bank of Japan is set to consider measures to reduce its government bond purchases on Friday, when the central bank's two-day policy meeting ends, Jiji news agency reported on Thursday without citing sources.

Such a move, if carried out, would likely push down the amount of the central bank's Japanese government bond (JGB) holdings, ushering in a phase of quantitative tightening, Jiji said.

(Reporting by Kiyoshi Takenaka; Editing by Hugh Lawson)