Japanese business leader Yoshimitsu Kobayashi on Wednesday warned of “a possible stock market bubble,” citing recent equity price surges.

Monetary easing worldwide has led to stock price rises in many countries as “the surplus money had nowhere else to go,” Kobayashi, chairman of the Japan Association of Corporate Executives (Keizai Doyukai), told a press conference.

“Although stock prices are on the rise, I wonder if we can be happy about the situation,” he added.

The benchmark Nikkei average on the Tokyo Stock Exchange extended its winning streak to a 12th straight trading day on Wednesday, closing up 26.93 points, or 0.13 percent, at 21,363.05, its best finish since Nov. 26, 1996.

On the New York Stock Exchange on Tuesday, the Dow Jones industrial average gained 40.48 points to end at a record high of 22,997.44.

On the Bank of Japan’s ultra-accommodative monetary policy, Kobayashi said that it is “impossible” to continue monetary easing forever.

“It’s too early for the BOJ to start scaling back its current ultraeasy policy, but it’s necessary for the bank to make preparations in some form” toward a future exit from the regime, he said.

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