He said he doesn't believe that interest-rate polices at the Fed and other developed nations necessarily dictate capital flows. And Bernanke said there are a number of ways that developing nations can control these investment flows to prevent asset bubbles or higher inflation. For instance, a nation could allow the value of its currency to rise as foreign capital flows in. But Bernanke said that some emerging-market economies have chosen to keep the value of their currencies low to gain trade advantages. He didn't name any country in his speech, but U.S. manufacturers contend that China is manipulating its currency to keep its value low against the dollar to boost its exports and make American goods more expensive in China. Bernanke said, "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." The Fed isn't expected to announce any major moves when it next meets on Oct. 23-24. Most analysts believe the central bank prefers to wait and monitor the impact of the September actions. Bernanke was in Tokyo to attend the annual meetings of the International Monetary Fund and the World Bank. Copies of his speech were distributed in Washington.