At Bloomberg, William Pesek writes:

Risks to Asia's outlook abound. They include a surge in oil prices, a collapse in the dollar and a reversal of trades involving investors borrowing cheaply in yen and moving the funds into higher-yielding assets overseas, even a terrorist attack.

An overheating China is another. China's Finance Minister Jin Renqing resigned yesterday for ``personal reasons.'' That didn't stop markets from buzzing about whether he was forced out for failing to keep inflation from accelerating in Asia's No. 2 economy.

Given all the liquidity flowing to Asia these last few years, it's time governments got more serious about developing deeper debt markets. Along with offering investors more places to put their money, well-functioning bond markets would help Asia keep more of its vast household savings at home, as opposed to watching it flow to the West.

To read more:

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_pesek&sid=aAnOWjDs0iXw