The counter argument would be that higher asset prices per se are not the problem, but rather the buildup of imbalances such as excessive leverage and maturity mismatches which are interlinked with the large rise in asset prices are the problem.
Central banks with access to micro information of individual financial institutions which enables them to effectively monitor both economic and financial conditions, are in the best position to detect such imbalances and certainly need to consider what policy actions they can take. A second argument would be that imbalances such as excess leverage would be best dealt with through supervisory and regulatory measures.