TOKYO, June 30 (Reuters) - Japanese government bonds

fell on Monday as investors were cautious ahead of auctions, and

the increased risk appetite prompted the sale of safe-haven

assets such as bonds.

The two-year JGB yield rose 1 basis point (bp)

to 0.75% and the five-year bond yield inched up

0.5 bp to 0.98%.

The 10-year JGB yield rose to as high as

1.445% before trading flat at 1.430%.

Bond yields move inversely to prices.

"The market is cautious ahead of the auctions for 10-year

and 30-year bonds this week," said Naoya Hasegawa, senior bond

strategist at Okasan Securities.

The Ministry of Finance will sell 10-year bonds on Tuesday

and 30-year bonds on Thursday.

Hasegawa said the outcome of the 10-year auction is expected

to be moderately firm, with yields across the curve relatively

low as expectations of a Bank of Japan interest hike remain

weak.

"And yields on super-long bonds have stabilised after the

finance ministry's announcement to reduce the issuance of such

bonds. It has made it easier for investors to buy bonds and

pushed down the curve," Hasegawa said.

Japan's Nikkei index touched a more than 11-year

high earlier in the session on Monday as investors' risk

appetite was boosted after a rally in U.S. equities on Friday.

The 20-year JGB yield rose 1.5 bps to

2.345%. The 30-year JGB yield rose 1 bp to

2.915%.

The 40-year JGB yield rose 0.5 bp to 3.09%.