In our Financial Stability Review published two days ago, this is acknowledged and described as the first risk to stability: the possibility of an abrupt reversal of risk premia and asset valuations that could induce capital losses and disturb the recovery. It should be however noted that, to date, no generalised overvaluations in asset markets have been identified.
Figures from 2016/Q1 onward are based on continuing observations following the sample revisions of the Monthly Labour Survey. Sources: Ministry of Health, Labour and Welfare; Ministry of Internal Affairs and Communications.