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.

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 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.