The US GDP report is expected to show growth accelerated to a 3 percent rate in the fourth quarter, from 1.8 percent in the third.

Five-year note yields rose to 0.77 after dipping as low as 0.75 percent in US trading, marking their lowest level since at least the 1960s the day after the Federal Reserve pledged to keep short-term interest rates "exceptionally low" at least until late 2014.

"There was some profit-taking that pushed five-year yields higher, but we expect yields to stay in the 0.7-0.8 range for now, with the FOMC on hold for so long," said a market participant at a Japanese bank.

The 10-year yield was steady at 1.94 percent from late US trade, down from 1.97 percent in Asia on Thursday.

The benchmark yield fell as low as 1.9156 percent this week following the Fed's decision, from 2.094 percent at the end of last week. That was its highest level since early December.

The yield on 30-year bonds crept down to 3.099 percent from 3.10 percent in late US trading.

US Treasury price gains were pared briefly on Thursday following a $29 billion sale of seven-year Treasury notes, which brought a record low yield at auction. The yield, however, was higher than the market expected, indicating buyers' reluctance to step in at current levels.

Price gains also faded briefly on Thursday after bullish US economic reports. New orders for US manufactured goods rose more than expected in December on strong demand for aircraft, while a rebound in a gauge of business spending plans suggested investment closed the year on an upswing.