TOKYO, Aug 1 (Reuters) - The shortest-dated Japanese

government bond yields climbed to fresh 15-year highs on

Thursday, as the Bank of Japan's interest rate hike the previous

day reverberated in the market.

However, longer-dated bond yields fell in sympathy with

Treasury yields, after the Federal Reserve hinted overnight that

U.S. rate cuts may be coming soon.

The two-year JGB yield rose 1.5 basis points

(bps) to 0.465% by 0234 GMT, a level not seen since December

2008.

The five-year yield climbed 1.5 bps to 0.675%,

the highest since November 2009, before retreating. It was last

down 1 bp at 0.655%.

The BOJ's policy meeting schedule includes gatherings in

September, October and December, "which leaves an opportunity

for one further hike before the end of the year if the central

bank decides that it wants to move at, say, every second meeting

- and (BOJ Governor Kazuo) Ueda and his team are clearly of a

mind to keep marching down the normalisation road," said

Yasunari Ueno, chief market economist at Mizuho Securities.

The 10-year JGB yield lost 3 bps to 1.025%,

after equivalent U.S. Treasury yields extended

Wednesday's 3.6 bps slump by falling a further 5 bps in Asia

time to stand around 4.055%.

Benchmark 10-year JGB futures rose 0.3 yen to

143.02 yen. Bond yields fall when prices rise.

The 20-year JGB yield sagged 4.5 bps to

1.785%, and the 30-year yield declined 3 bps to

2.14%.

(Reporting by Kevin Buckland; Editing by Subhranshu Sahu)