* Asian shares steady but near 14-month high
* U.S. S&P enjoys biggest 2-day rally in 2 months
* Global bond yields at 2-week low
* JGB yields drop as market tests BOJ's new policy scheme
* European shares seen little changed
By Hideyuki Sano
TOKYO, Sept 23 (Reuters) - Asian shares held near 14-month highs on Friday as investors restored bets the Federal Reserve is settling into a phase of very gradual interest rate rises, while Japanese bond yields fell after the Bank of Japan's radical new policy scheme.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.15 percent, driven by gains in Australia, and within sight of its highest levels since July 2015 that it hit in early September.
Japan's Nikkei dipped 0.3 percent, reflecting the yen's gains during Japan's market holiday on Thursday.
European share are seen opening little changed, with speadbetter picking a 0.1 percent fall in Britain's FTSE and 0.1 percent rise in Germany's DAX.
On Wall Street, the S&P 500 Index gained 0.65 percent, led by a 1.9-percent gain for the real estate sector .
The S&P 500 capped its best two-day performance in more than two months, while the Nasdaq closed at a record high.
The rallies began after the Fed on Wednesday maintained the low-interest rate environment that had helped underpin the bull market for stocks since the global financial crisis in 2008.
"Because the Fed is shying away from tightening, there will be liquidity sloshing around in the world's financial markets as well for another few months," said Tatsushi Maeno, senior strategist at Okasan Asset Management.
Fed Chair Janet Yellen did say U.S. growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation.
But that hardly changed the market's perception on the outlook of the Fed's policy, with interest rate futures pricing in roughly a 60 percent chance of a rate increase by December, little changed from before the Fed meting.
Crucially, the Fed also projected a less aggressive rise in rates next year and in 2018, fanning expectations bond yields will stay low in the foreseeable future.
"Fed officials have downgraded their forecasts for rate hikes in their projections. The Fed's meeting has confirmed that low interest rates will last longer than previously thought," said Shuji Shirota, head of macro economic strategy at HSBC in Tokyo.
The 10-year U.S. Treasuries yield dropped to as low as 1.608 percent, down sharply from Wednesday's high of 1.738 percent and hitting its lowest level in almost two weeks.