The next issue is how the central bank and the authorities should respond to increased uncertainty that cannot be directly controlled. Recently, many countries have experienced the fluctuation of asset prices, which is one example of uncertainty.
Here, one issue is the difficulty of identifying whether such fluctuation reflects the arrival of a new era or the emergence of a bubble, and also how monetary policy should be conducted under such circumstances. Allow me to elucidate a little on these issues, which I think important, though they are not directly related to the problem of changes in the financial system.