Bank of Japan Governor Kazuo Ueda indicated he’s not too concerned about the country’s government bond yields ascending to the highest level since 2008, signaling he’s not planning any imminent action to counter the moves.

Kazuo Ueda reiterated Wednesday that bond yields should be determined freely in the market, suggesting that the central bank doesn’t have any immediate plans to intervene to stop yield rises.“There is no big difference between the market’s view and ours,

Bank of Japan Governor Kazuo Ueda on Wednesday took in stride recent rises in bond yields, saying they were a natural reflection of market expectations of future interest rate hikes by the central bank.

Bank of Japan officials see several reasons against intervening in the bond market even after benchmark yields hit the highest level since 2008, according to people familiar with the matter, elaborating on the thinking behind recent remarks from Governor Kazuo Ueda.

The central bank is widely expected to keep rates steady at a meeting next week, but is expected to raise rates by as soon as May. The BOJ had hiked rates by 25 basis points in January, amid sticky Japanese inflation, expectations of higher wage growth and continued signs of resilience in the Japanese economy.

Governor Kazuo Ueda on Wednesday took in stride recent rises in bond yields, saying they were a natural reflection of market expectations of future interest rate hikes by the central bank. The remarks underscore the BoJ’s resolve to keep raising short-term interest rates,

Bank of Japan Governor Kazuo Ueda on Wednesday refrained from issuing a fresh warning against recent rises in bond yields, saying they were a natural reflection of market expectations of future interest rate hikes by the central bank.