Bank of Japan (BoJ) Governor Haruhiko Kuroda, making a scheduled speech in Parliament said that rising global long-term interest rates are unlikely to cause a change in BoJ’s policy. Under a new policy framework adopted in September, the BOJ now guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent.

According to data compiled by Bloomberg, BOJ holds more than 40 percent of Japanese government bonds and the central bank’s stake continues to rise. The central bank’s need to control yields drives unprecedented purchases of benchmark 10-year debt, exacerbating concerns it will run out of willing sellers to supply it with bonds to buy.

“Our monetary policy is conducted solely for the purpose of pulling Japan’s economy out of deflation and achieving our 2 percent inflation at the earliest date possible,” Kuroda told parliament.