TOKYO, Nov 1 (Reuters) - The yield on 10-year Japanese government bonds rose on Monday, as a rally in domestic equities driven by a ruling Liberal Democratic Party's strong majority in a general election, hurt save-haven demand for debt.

Both the 10-year and the 20-year JGB yields rose one basis point each to 0.105% and 0.480%, respectively.

Stocks surged to a one-month high on relief new Japanese Prime Minister Fumio Kishida's ruling Liberal Democratic Party defied expectations and held its strong majority in Sunday's parliamentary election.

The bond prices, which fall when yields rise, were also under pressure in the run up to an auction for 10-year Japanese notes later in the day, a market participant said.

Investors are also awaiting the outcome of the Federal Open Market Committee, which is widely expected to announce a tapering of stimulus later in the week, he added.

Yields on longer term notes were flat, with the 30-year JGB yield at 0.670% and the 40-year JGB yield was flat at 0.705%.

The two-year JGB have not been traded and its yield was at minus 0.105%, and the five-year yield rose 0.5 basis point to minus 0.070%.

Benchmark 10-year JGB futures fell 0.07 point to 151.25, with a trading volume of 10,433 lots.

(Reporting by Tokyo markets team; Editing by Rashmi Aich)