TOKYO, Feb 19 (Reuters) - Japanese government bond

yields fell on Wednesday as investors bought back bonds after

they found remarks from a Bank of Japan (BOJ) board member were

not as hawkish as the market had expected.

The two-year JGB yield fell 0.5 basis point

(bp) to 0.815% and the five-year yield fell 1 bp

to 1.075%.

The BOJ must raise interest rates more as keeping them at

current low levels could cause excessive risk-taking and push up

inflation too much, its board member Hajime Takata said on

Wednesday.

"His comments were not extremely hawkish, and investors who

wanted to confirm the content of Takata's remarks bought back

bonds," said Katsutoshi Inadome, senior strategist at Sumitomo

Mitsui Trust Asset Management.

The yields hit their multi-year highs until the previous

session as the market bet the BOJ could hike rates more

aggressively than initially thought on prospects of sustained

wage gains.

Still, the 10-year JGB yield inched up 0.5 bp

to 1.435%, its highest since November 2009.

The 20-year JGB yield fell 0.5 bp to 2.060%.

The 30-year JGB yield fell 1 bp to 2.330%.