TOKYO, May 22 (Reuters) - Japan's 10-year government bond yield rose to an 11-year high of 1% on Wednesday amid building bets for further Bank of Japan policy tightening this year, while a weak auction of 40-year debt added to the pressure for higher yields.

The 10-year JGB yield was last 2 basis points higher at 1%, the highest level since May 2013. (Reporting by Kevin Buckland)