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Bank of Japan Gov. Masaaki Shirakawa said central banks should not pay “too much” attention to the near-term inflation outlook because it could impair the stability of the financial system.

“Looking back at the causes of the recent financial crisis (in 2008), we find that financial imbalances in various forms, such as the rise in asset prices . . . had built up to an extent that became unsustainable,” Shirakawa said in a speech Tuesday at Goethe University in Frankfurt, and released by the BOJ, stressing the need to steer monetary policy in a balanced manner by looking at various factors.

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