TOKYO, May 26 (Reuters) - St. Louis Federal Reserve President James Bullard said on Friday that the Bank of Japan must communicate carefully with markets if it decides to taper its purchases of Japanese government bonds.

"It's very important to get the communication right," Bullard said at lecture hosted by Keio University. "Otherwise there will be outsize reaction and cause a lot of global dislocation." (Reporting by Minami Funakoshi; Editing by Chris Gallagher)