TOKYO, April 23 (Reuters) - Japanese government bond yields ticked higher on Tuesday, with the two-, five- and 30-year yields reaching levels not seen in more than a decade, as traders looked ahead to the Bank of Japan's policy-setting meeting at the end of this week.
The two-year JGB yield rose 0.5 basis points to 0.285% as of 0515 GMT, the highest since October 2009, despite solid demand at an auction of the securities earlier in the day. Bond yields rise when prices fall.
The five-year yield was 0.5 bps higher at 0.495%, and earlier touched 0.5% for the first time since April 2011.
The 30-year yield climbed 3 bps to 1.955%, a level last seen in February 2013. The 20-year yield added 2 bps to 1.665%, after touching the highest since early November at 1.67%.
The 10-year JGB yield rose 0.5 bps to 0.885%, hovering at a five-month peak.
Japan's central bank is not expected to alter policy or the pace of bond purchases after its two-day powwow on Friday, having just raised interest rates for the first time since 2007 just last month.
However, the BOJ is likely to signal a readiness to tighten policy again this year, even as it takes a cautious, data-dependent approach.
With the yen hovering at its weakest in 34 years near 155 to the dollar, there has been some speculation the BOJ will act earlier to support the currency.
However, Mizuho Securities strategist Shoki Omori doubts any action is imminent. "Unless bond purchases are reduced by a really significant amount, it likely won't affect the exchange rate," he said.
With the Federal Reserve's own rate-setting meeting next week, along with U.S. monthly jobs data, the BOJ will not want to make changes for at least several more weeks, he said.
Considering the likely very measured pace of Japanese policy normalization and persistently high U.S. rates, "the yen feels cornered," Omori said. "It seems only a matter of time before the 155 level is broken." (Reporting by Kevin Buckland; Editing by Janane Venkatraman )
