TOKYO, June 13 - Bank of Japan Governor Toshihiko Fukui said on Friday that the Japanese government bond (JGB) market was not in a bubble and that current low JGB yields were a result of a cautious outlook on the economy. "At present, there is not a bubble," he told a news conference. "It (low yields) reflects market participants' view that the BOJ's quantitative easing policy will continue for a while and that they remain cautious about the longer-term outlook for the economy." He added that low long-term interest rates were partly a side-effect of the BOJ's hyper-easy monetary policy but that market players were well aware of interest rate risks//