(Updates yield levels, adds comments)

TOKYO, Feb 3 (Reuters) - Yields on shorter-ended

Japanese government bonds retreated from multi-year highs

touched in early trade on Monday, as investors bought safe-haven

assets after local stocks tumbled on U.S. tariff concerns.

The 10-year JGB yield was last flat at 1.24%

after rising to 1.26%, its highest since April 2011, earlier in

the session.

"The yields rose (initially) as the market took the Bank of

Japan's summary of opinions at their (January) policy meeting

hawkish," said Shinichiro Kadota, head of Japan FX and rates

strategy at Barclays Securities Japan.

"Investors bought back JGBs as Japanese equities fell in

reaction to U.S. President Donald Trump's introduction of

tariffs."

Trump levied 25% tariffs on imports from Canada and Mexico

and 10% on goods from China starting on Tuesday. Canada and

Mexico ordered retaliatory measures, while China said it would

challenge tariffs at the World Trade Organization and take

unspecified countermeasures.

The two-year JGB yield was down 0.5 basis

point at 0.725% after rising earlier to 0.735%, a level last

seen in October 2008.

The five-year yield was down 1 bp at 0.895%

after rising earlier to 0.915%, its highest since November 2008.

Japan's Nikkei fell more than 2% and the dollar surged,

pushing its Canadian counterpart and Mexican peso to multi-year

lows.

The summary of the BOJ's January policy meeting showed that

central bank policymakers discussed the likelihood of raising

interest rates further with some warning of upside inflation

risks and the damage a weak yen could inflict on the economy.

Barclays expects the BOJ to raise its policy rate one more

time this year in July to 0.75%, Kadota said.

"With that consensus in place, the yields will move more

from overseas factors going forward," he said.

Yields on longer-dated bonds rose, with the 20-year JGB

yield rising 1.5 bps to 1.955%.

The 30-year JGB yield rose 1.5 bps to 2.3%

and the 40-year JGB yield rose 1.5 bps to 2.67%.