TOKYO, Nov 13 (Reuters) - Japanese government bond yields rose on Monday, tracking U.S. short-term bond yields that gained at the end of last week, as investors bet the Bank of Japan (BOJ) may end its negative rate policy soon.

The 10-year JGB yield rose to as high as 0.895%, its highest level since Nov. 2, and was last at 0.880%, down 3 basis points (bps) from the previous session.

At the end of the last week, the two-year US Treasury yield , which typically reflects interest rate expectations, rose 2.8 bps to 5.049% in its biggest weekly rise since late May.

"Investors sold JGBs as the current level of yields does not factor in the possible end of the negative rate policy. The BOJ may do so as early as at its December policy meeting," said Eiji Dohke, chief fixed income strategist at SBI Securities.

Under its yield curve control policy, the BOJ sets a 0% target for the 10-year government bond yield and guides short-term interest rates at -0.1% as part of efforts to hit the inflation target in a sustainable fashion.

However, progress towards sustainably achieving the BOJ's 2% inflation target has raised expectations that the BOJ soon will normalise short-term interest rates.

Investors also pay attention to a five-year bond auction in the next session, as the yield on five-year bonds has fallen to a level that does not reflect possible rises in rates in the future, strategists said.

The five-year yield rose 2 bps 0.435%, before falling to 0.430%, compared with a recent peak of 0.485% scaled on Nov. 1.

The 20-year JGB yield rose 3 bps to 1.585% and the 30-year JGB yield rose 3.5 bps to 1.765%.

The 40-year JGB yield rose 1 bp to 1.965%.

The two-year JGB yield was flat at 0.105%.

Benchmark 10-year JGB futures fell 0.16 yen to 144.38. (Reporting by Junko Fujita; Editing by Janane Venkatraman)