TOKYO, Nov 10 (Reuters) - Japanese government bond (JGB)

yields rose on Monday as the Bank of Japan's policy meeting

summary stoked caution for an early interest hike, prompting

investors to sell bonds.

The five-year bond yield rose as much as 2

basis points to 1.265%, its highest level since July 2008.

The 10-year JGB yield rose 2 bps to 1.695%,

its highest since October 10.

Bond yields move inversely to prices.

BOJ policymakers saw a growing case to raise interest rates

in the near term, with some calling for the need to ensure

companies' wage-hike momentum will be sustained, a summary of

opinions at the October meeting showed on Monday.

The yields rose across the curve as the market awaited the

30-year government bond auction in the next session.

The auction will come as the government, led by new Prime

Minister Sanae Takaichi, is working on a stimulus package to

fend off the blow to households from rising living costs.

Takaichi, an advocate of big fiscal spending, also pledged

last month to accelerate a defence spending target by two years,

as her government pursues proactive fiscal expansion on

strategic priorities.

"Market players are not willing to actively bid on the

30-year bonds as there may be an increase in sales of bonds to

fund the stimulus package," said Naoya Hasegawa, chief bond

strategist at Okasan Securities.

But given the level of the yield of the 30-year bonds, and

the strong appetite for super-long dated bonds from foreigners,

the auction may see a firm outcome, said Hasegawa.

The 30-year JGB yield rose 3 bps to 3.13%.

The 20-year JGB yield rose 2.5 bps to 2.645%.

The two-year JGB yield rose 0.5 bp to 0.94%.