TOKYO, May 19 (Reuters) - Japanese government bond (JGB)

yields rose on Monday, tracking a surge in U.S. Treasury yields

after ratings agency Moody's downgraded the U.S. government

rating.

The 10-year JGB yield rose 2.5 basis points

to 1.475%.

The two-year JGB yield rose 1 bp to 0.715% and

the five-year yield rose 1.5 bps to 0.995%.

"Today's yields simply mirrored a move of U.S. Treasury

yields," said Naoya Hasegawa, chief bond strategist at Okasan

Securities.

"The U.S. bond yields rose on Friday, and surged in Asia

trade on Monday, which prompted a further sell-off of JGB

futures," he said.

The 10-year JGB futures fell to 139.22, after

opening at 139.37 on Monday. Futures prices typically move

inversely to JGB yields.

U.S. Treasury yields rose on Friday after being down for

most of the session, after Moody's downgraded the U.S.

government rating from AAA to AA1, saying the fiscal performance

is likely to deteriorate.

In Asia trade on Monday, the yield on 10-year U.S. Treasury

bonds rose as much as 8 bps to 4.591%, while the

yield on 30-year Treasury notes jumped nearly 10 bps

to 5%.

Sentiment is also weighed down by an auction of the 20-year

Japanese bonds in the next session, strategists said.

The 20-year JGB yield rose 1 bp to 2.385% and

the 30-year JGB yield rose 1 bp to 2.965%.

The 40-year JGB yield fell 1 bp to 3.445%.

(Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)