Bank of Japan Governor Kazuo Ueda stated that the recent rise in Japan's long-term bond yields has been "somewhat rapid," adding that long-term yields should in principle be determined by the market.

During a parliamentary Q&A session, Ueda noted that under special circumstances, the BOJ would flexibly increase bond purchases. Currently, Japan's 10-year government bond yield hovers near its highest level in over a decade.

The BOJ will make appropriate decisions at its policy meeting later this month after assessing available data and information. The likelihood of achieving the central bank's economic outlook is gradually increasing.

Market expectations widely suggest the BOJ may raise interest rates at its next policy meeting ending December 19. Earlier this month, Ueda signaled clear consideration of a potential rate hike.

At the same parliamentary session, Japanese Prime Minister Sanae Takaichi stated that monetary policy specifics should be determined by the BOJ. She declined to comment on whether the government would oppose a potential rate hike decision this month.