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.

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.

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.