Asia's markets aren't likely to repeat the taper tantrum selloffs as the Federal Reserve edges closer to eventual policy tightening, analysts said.
"This insistence that somehow we follow American interest rates [in Asia] is just not true," Andrew Freris, CEO of Ecognosis Advisory, told CNBC. "We have decoupled a long, long time ago," he said.
"Simple example: the best performing market in Asia right now year-to-date in U.S. dollar terms is India (Hong Kong Stock Exchange: 2836-HK). The third best performing is Indonesia (Jakarta Stock Exchange: .JKSE). Both of them have seen increases in their local interest rates in the last six months," he said.
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As the Fed continues to taper its asset purchases , announcing Wednesday plans to reduce its bond-buying program by another $10 billion to $35 billion a month, some analysts are concerned that the approach of the first interest rate hike could cause a repeat of the convulsions suffered by emerging markets last year and early this year.
Many analysts believe the Fed's easy money policy caused a rush of funds into Asia, and they expect tightening will reverse those flows, but Freris doesn't accept that view.
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"It isn't true that [when] the Fed begins to suck money, you hear a huge whoosh and money that went in will go out," he said. "There has never been a wall of money coming into Asia" from the Fed's quantitative easing, he said, adding that fund inflows to the region were due to portfolio adjustments by existing funds as markets turned risk positive.
"Asia is not going to be on a reverse tsunami," he said.
Others have also raised doubts about whether the Fed's quantitative easing actually sent funds flowing into Asia's markets.
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"All those wheelbarrows of cash that the Fed 'dumped into the economy' never went into the economy at all. They went straight into the Fed's basement in the form of excess reserves" as banks parked the proceeds of selling their bonds to the Fed back at the Fed, David Carbon, chief economist at DBS Group (Singapore Exchange: DBSM-SG), said in a note last week. "It can't go rushing over to Asia the next day."
Carbon believes low global interest rates were irrelevant to Asia market gains, with fund flows actually part of a structural shift in "economic gravity" away from the West and toward the East.