The Bank of Japan's basic stance is for long-term interest rates to be set by markets, Gov. Kazuo Ueda said on Saturday, offering no strong concern over a recent rise in the benchmark 10-year government bond yield to a 12-year high.

The remark suggests that the central bank likely won't ramp up bond buying to push down yields, and will scrutinize market moves to determine how soon it can start slowing purchases.

The central bank has said it will continue to buy government bonds at a pace of roughly ¥6 trillion ($38 billion) per month, but slow purchases at some point in the future.