Modification of the solution by PolGab, I got away the tikzpicture part which is completely unnecessary IMO, and I use tikz only for \foreach.
\documentclass[a5paper]{article}
\usepackage[margin=0pt]{geometry}
\usepackage{tikz}
\pagestyle{empty}
\def\placepage#1{%
\leavevmode\kern-0.25in{#1}%
}
\begin{document}
\foreach \page in {1,...,4}{
\ifodd\page
\placepage{\includegraphics[page=\page,trim=148.5mm 0 0 0]{y.pdf}}
\else
\placepage{\includegraphics[page=\page,trim=0 0 148.5mm 0]{y.pdf}}
\fi
\newpage
}
\foreach \page in {4,...,1}{
\ifodd\page
\placepage{\includegraphics[page=\page,trim= 0 0 148.5mm 0]{y.pdf}}
\else
\placepage{\includegraphics[page=\page,trim= 148.5mm 0 0 0]{y.pdf}}
\fi
\newpage
}
\end{document}