“As an ally, we would not intentionally take action against US government bonds, and causing market disruption is certainly not a good idea,” Liberal Democratic Party policy chief Itsunori Onodera said on public broadcaster NHK Sunday.

A pullback from US Treasuries last week sent longer-term yields surging by the most since the pandemic struck in 2020, deepening losses in what’s supposed to be a haven from financial turmoil. Some investors speculated that global reserve managers including China could be re-evaluating their positions in US government debt given the impact of US President Donald Trump’s trade policies.

Read more: Japan Seeks to Calm Nerves as Tariffs Trigger Market Slide 

Japanese negotiators are seeking an exemption from the reciprocal tariffs that went into effect April 9, while the US is pushing for concessions on agricultural products and liquefied natural gas. Historically a close ally of the US, Japan has been hit with a 24% rate, while its auto industry — the cornerstone of its economy — must pay 25%.

Onodera said Japan should raise the issue of US tariffs with the World Trade Organization. He also highlighted the plight of regional neighbors, many of which were struck by some of the highest tariffs globally, and said Japan would work to strengthen cooperation among the Association of Southeast Asian Nations.