Kiyoshi Ota | Bloomberg | Getty Images

TOKYO, December 13, 2016 (CNBC): Japan’s government bond (JGB) yields have climbed and may be headed even higher, but the yen wasn’t likely to follow suit, analysts said.

The benchmark 10-year JGB yield has climbed to around 0.08 percent, after crossing into positive territory in mid-November. Bond yields move inversely to prices.

That’s a slight departure from the Bank of Japan’s policy, introduced at its late-September meeting, of using yield-curve control as a monetary policy tool, setting its target yield for the benchmark bond at zero.

Previously, the BOJ had been willing to intervene to keep the benchmark bond in line with its zero percent target. In mid-November, the central bank offered a special bond buying operation, helping to boost bond prices and bring the benchmark’s yield closer to its target.

A rise in U.S. Treasury yields, with the U.S. Federal Reserve widely expected to hike interest rates at its meeting this week, has also pushed up bond yields globally, including Japan’s.

Shirai,a professor at Keio University and a former member of the BOJ, expected the higher JGB yields wouldn’t support the yen, pointing to the Fed’s meeting this week. Higher bond yields would usually make a currency more attractive, spurring inflows.

“If the Fed starts to raise their expected number of rate hikes from next year from current two times to three times and if they also revise their inflation [and] real GDP growth upward for 2017, this may lead to further yen depreciation,” she said.