However, Japan's painful experience tells us that central banks should keep a close watch on asset prices, for they could have a material impact on the economy and inflation in the medium to long run. Central banks should also be alert to the excessive growth in money and credit which often accompanies asset bubbles.
I presume such vigilance should somehow be blended into our conventional wisdom that central banks contribute to economic stabilization by ensuring price stability. 4. Concluding remarks  Now, let me conclude. As I said earlier, the most pressing task for the Bank of Japan at this moment is to achieve sustainable growth on the basis of price stability.