TOKYO, July 31 (Reuters) - Japanese government bonds

fell in early trading on Thursday as investors awaited signs

from the central bank on the pace for potential interest rate

hikes.

The 10-year JGB yield rose one basis point

(bp) to 1.565%. The five-year yield rose 1.5 bps

to 1.105%.

Yields move inversely to bond prices.

Bank of Japan Governor Kazuo Ueda and his colleagues are

widely expected to refrain from any rate change at the end of

their two-day policy meeting on Thursday. However, analysts

anticipate the BOJ may deliver a less pessimistic economic

assessment.

Bonds with other maturities were not traded as of 0050 GMT.