TOKYO, June 14 (Reuters) - Japan's Nikkei share average drifted without clear direction on Friday as traders waited for the outcome of a closely watched Bank of Japan policy meeting.

The Nikkei was little changed at 38,702.87 as of 0200 GMT, after starting the day lower and then briefly turning positive. The broader Topix added 0.29% after recovering from initial losses.

Investors were anxious to find out the fate of the central bank's massive 6 trillion yen monthly bond buying programme, following reports from Reuters and other media that the BOJ could decide to trim purchases by about 1 trillion yen.

They will also be on the lookout for hints for a July interest rate increase, following the first hike since 2007 in March.

The BOJ decision is expected around 0300 GMT, but the time is not set. Governor Kazuo Ueda is scheduled to give a press conference at 0630 GMT.

"Today in the morning especially, supply and demand factors are not really driving trading," but instead "traders are likely to be adjusting positions into the BOJ announcement," said Maki Sawada, an equities strategist at Nomura Securities.

"After we get the BOJ decision, the Nikkei is likely to react based on reactions in bond yields or foreign-exchange rates," for example, it could fall if yields jump, she said.

Value shares outperformed, with the Topix's value share sub-index up 0.5% compared with a 0.08% increase in growth stocks.

Shipping was by far the best performer among the Tokyo Stock Exchange's 33 industry groups, rising 3.63%. Transport equipment was at the bottom, falling 0.9%.

Some chip- and artificial intelligence-related shares outperformed, following a rally for U.S. peers overnight.

AI-focused startup investor SoftBank Group advanced 2.74% to be the biggest points gainer on the Nikkei. Chipmaker Renesas Electronics added 2%. ($1 = 157.3100 yen) (Reporting by Kevin Buckland; Editing by Subhranshu Sahu)