TOKYO (AP) — International Monetary Fund officials say they are watching carefully for signs that massive flows of cash unleashed in world markets by unprecedented monetary easing might lead to asset bubbles, or to overheating in some emerging markets.

“There is a risk of overheating of domestic economies, so we have to pay close attention to this risk,” said IMF Deputy Managing Director Naoyuki Shinohara. “There are some warning signals, but it is not up to the level to ring alarm bells,” he said.