Federal Reserve Chairman Ben Bernanke on Sunday said it was far from clear that the U.S. central bank's highly stimulative monetary policy hurts emerging economies, defending a policy raising concerns in China, Russia and Brazil. 

In a blunt call for certain emerging economies to allow their currencies to rise, he also said that foreign exchange intervention encouraged destabilizing inflows of foreign capital, but he did not specify China by name.

 

"The perceived advantages of undervaluation and the problem of unwanted capital inflows must be understood as a package - you can't have one without the other," Bernanke said in Tokyo.