According to a research note by Goldman Sachs' chief APAC economist, Andrew Tilton

He argues that the fiscal boost to US growth will in turn aid Asian exports - though it does have some hawkish implications to the Fed in raising rates. But his argument is that the Fed's tightening stance also allows Asian central banks to follow in the same footsteps as well.

According to Tilton, "most firms doing business in the region (Asia) won't be convinced to move out on tax policy alone", in spite of the US likely cutting corporate tax rates to 21% from 35%.

But he also mentions that aside from the US tax reform, there's plenty of reasons for Asian central banks to stay upbeat - as growth and inflation are coming in much faster than expected in the region.

I'm not exactly sure how his argument/counter-argument works in this manner, but the fact is Asia's 2018 outlook still looks solid in spite of the Fed/US fiscal policies. We've already seen South Korea tighten policy back in November and next year, Malaysia and Thailand are expected to follow suit as well.

Until US long-dated yields start climbing to higher levels, there's no reason why the EM party in Asia should stop next year.