For instance, many of you may remember the situation during the economic bubble in Japan – in fiscal 1987 and fiscal 1988, the year-on-year rate of increase in the CPI stayed in the 0-1 percent range and this, coupled with other factors, caused the public to strongly oppose a possible raising of interest rates, despite the overheating of the economy.
I do not think that low interest rates were the only factor behind the economic bubble, nor do I think that it is appropriate to conduct monetary policy with the aim of controlling asset prices.