TOKYO, Nov 13 (Reuters) - Japan's five-year government

bond yield hit a 15-year high on Wednesday as a weaker yen

accelerated bets for the Bank of Japan to raise interest rates.

The five-year yield rose to 0.685%, its

highest level since November 2009, before inching down to 0.68%,

up 3 basis points (bps) from the previous session.

The 10-year JGB yield rose 3.5 bps to 1.04%,

its highest since Aug. 1.

"The yields tracked overseas peers' higher but also the

yen's weakness accelerated bets that the BOJ would raise its

policy rate soon," said Katsutoshi Inadome, senior strategist at

Sumitomo Mitsui Trust Asset Management.

U.S. Treasury yields rose overnight as bond investors jumped

back into the market after a long weekend, and resumed pricing

in President-elect Donald Trump's policies of lower taxes and

trade tariffs that are viewed as inflationary.

The yen fell to 154.94 against the U.S. dollar,

its weakest since July 30. The weak yen raises import costs and

pushes domestic prices higher.

"Also, the sentiment is weighed down by expectations for an

increase in the Japanese government bond issuance to fund tax

reduction," Inadome said.

The ruling Liberal Democratic Party (LDP) and its coalition

partner Komeito, which lost the lower house majority at last

month's election, have been seeking cooperation with the

Democratic Party for the People (DPP), which supports aggressive

tax relief and welfare spending.

The 20-year JGB yield rose 2.5 bps to 1.87%

and the 30-year JGB yield rose 1.5 bps to

2.275%.

The 40-year JGB yield rose 2.5 bps to 2.6%.