NEW YORK (Reuters) - Stock futures fell on Tuesday after Japan did not offer new measures to calm its bond market, disappointing U.S. investors who are also trying to gauge the future direction of central bank policy at home.

* The news sent U.S. Treasury yields to their highest in more than a year. Ten-year U.S. Treasury yields rose 4.5 basis points to 2.26 percent. It earlier hit its highest since April 2012 at 2.27 percent.

* The Bank of Japan kept monetary policy steady at the end of its two-day meeting, holding off on taking fresh steps to calm bond market volatility.

* Japan in April announced a $1.4 trillion stimulus program, adding to central banks' efforts around the world to boost economic conditions.

* At the same time, investors remain nervous over when the U.S. Federal Reserve may slow its stimulus measures, which have been a significant driver of this year's stock market rally.

* S&P 500 futures fell 14.1 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 109 points, and Nasdaq 100 futures lost 23.25 points.

* Shares of Lululemon Athletica slumped more than 13 percent in light premarket trading after the company's chief executive said she will step down. The stock was down 13.2 percent at $71.40.

* SoftBank Corp said it agreed with Sprint Nextel Corp to raise its offer for the U.S. wireless carrier to $21.6 billion from $20.1 billion. Sprint was up 1.5 percent at $7.29.

* Boeing raised its 20-year forecast for airplane demand, saying airlines will need 35,280 new jets worth $4.8 trillion as the world's fleet doubles.

* Investors will also be watching a hearing by a German court on the legality of the European Central Bank's bond-buying program.

* On the economic calendar, wholesale inventories data for April will be released at 10:00 am ET (1400 GMT). Analysts expect inventories rose 0.2 percent in April.

(Reporting by Leah Schnurr; Editing by Chizu Nomiyama)