Major regional economies in Asia need to be on guard against execssive risks and asset bubbles boosted by efforts of central banks efforts to build economic growth. This was agreed upon by the central banks in Japan, the United States and Great Britain.
Many central banks have been spewing out cheap mony driving investors to seek higher returns in emerging economies elsewhere in the world, which in turn drives up asset prices.
In a statement by the ASEAN group, together with Japan, China and South Korea, "We shall remain vigilant on the unintended negative side effects stemming from extended periods of global monetary easing."
ASEAN is the group of Southeast nations comprising of Indonesia, Malaysia, the Philippines, Vietnam, Laos, Cambodia and Brunei.
This was prompted from the past experience of the 1997 Asian currency crisis that lead to major economic issues that was prompted by volatile fund flows.
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