Kuroda said long-term interest rates in countries such as the United States, which have been low despite economic expansion, will eventually start rising after a series of credit tightening, and that will hurt housing investment in those countries.

"Once long-term rates start rising, that will bring down housing prices and then affect consumption and the overall economy there," Kuroda told Reuters in an interview.

"That will indirectly hurt exports from Asia's emerging and developing economies."

Kuroda said a rising trend in global interest rates could also increase the external debt burden for developing Asia, but the impact of such a risk should be limited.

"Fortunately, Asian nations have reduced external debt and fiscal deficits since financial crisis in the region (in 1997/98), and the direct impact from rising long-term rates on emerging and developing Asian countries should not be substantial."

The situation needed to be carefully monitored, however, as some Asian nations such as the Philippines still have large fiscal deficits.

Finance ministers and central bankers of the Group of Seven last week pointed to growing inflationary pressures as one of the risks facing the global economy and discussed the impact of rising interest rates on global capital flows.