Ryuzo Miyao , a member of the policy board at the Bank of Japan, on Wednesday delivered a speech stressing the importance of a macroprudential perspective in the conduct of monetary policy.

Speaking at the 2011 Asia Economic Policy Conference in San Francisco, Miyao looked back at the period after the Asian crisis in the late 1990s and pointed out that there have since been a "series of incidents that can be deemed crises". He said it appeared as though "the frequency of such incidents is rising