TOKYO, Dec 1 (Reuters) - Asian Development Bank President Takehiko Nakao said on Thursday he does not think U.S. Federal Reserve policy will have a lasting impact on capital flows between emerging economies and the United States.

ADB's Nakao, a former Japanese vice finance minister for international affairs, also said he is optimistic about Asia because many of the region's smaller emerging economies are growing due to rising consumption and capital expenditure.

(Reporting by Stanley White)