TOKYO, April 16 (Reuters) - Japanese government bond

(JGB) yields rose on Tuesday, with the two-year yield reaching

the highest since 2009, tracking U.S. peers after robust retail

sales figures reinforced the view that the Federal Reserve won't

hurry to cut interest rates this year.

The two-year JGB yield added 0.5 basis point

(bp) to 0.275% as of 0420 GMT, the highest in 14-and-1/2 years.

The five-year yield climbed 1.5 bps to 0.495%,

a 13-year peak.

The 10-year yield rose 0.5 bp to a five-month

top at 0.865%.

Equivalent U.S. Treasury yields stood at 4.6139%

in Asian trading, after reaching 4.6630% overnight, also a

five-month peak.

The better-than-expected U.S. retail sales data added to

heated consumer price figures from last week, indicating

inflation remains sticky.

Futures markets are now pricing in 41 basis points in Fed

rate cuts by the end of December, down from more than 160 basis

points in expected cuts at the start of the year.

By contrast, the Bank of Japan (BOJ) raised rates for the

first time since 2007 last month, but policymakers have signaled

no rush to hike again.

"We are waiting for the BOJ, but the next hike is probably

July at the earliest, so the key focus now is on global

factors," Shinichiro Kadota, chief Japan FX strategist at

Barclays said.

"We're definitely up to good levels that we haven't seen for

a while (for Japanese yields), so we could potentially see

demand, but I think the risk is still to the upside."

The 20-year JGB yield rose 0.5 bp to 1.640%,

while the 30-year yield added 1 bp to 1.920%.

Benchmark 10-year JGB futures fell 0.15 yen to

144.26 yen, and earlier reached the lowest since Nov. 2 at

144.12 yen. Bond yields fall when prices rise.

(Reporting by Kevin Buckland; Editing by Mrigank Dhaniwala)