It is tempting to overreact to warnings that al-Qaeda is preparing an attack on a large financial center in Asia. That would be a mistake. If accurate a big if the reports should spur officials to better prepare for that awful possibility. But the news is not really new: Japan has already suffered one terrorist attack and officials here have long been aware that the country is a target of Islamic extremists. These reports are a reminder of the new security environment in which we now live and a call for vigilance, but they must not be allowed to dominate the lives of ordinary citizens. If that happens it would signify a victory for the terrorists.

Senior French terrorism investigator Jean-Louis Bruguiere warned in an interview last week in the Financial Times that al-Qaeda was planning to attack financial centers in Asia to undermine confidence in the region and undermine economic growth. The list of possible targets includes Tokyo, Sydney and Singapore. According to Mr. Bruguiere, there are "several elements of information that make us think that countries in this region, especially Japan, could have been targeted."

The warning is appropriate, even if the information is not very specific. The governments of Japan, Singapore and Australia have said that they are unaware of any specific threat. Mr. Bruguiere said that he is ringing the alarm because "There is not enough public consciousness of the terrorist risk. There is more work to be done to sensitize the public to the threat."