Asian stocks rage on in 2007!

Asia and its stocks has seen a bumper year and this was mainly die to the FII's pouring their money into Asia and this has bumped up the stock indices all across Asia by a huge margin, the noteworthy one here being that of the Indian stock exchange. Will this momentum last, that seems to be the question on the mind of every capital analyst. The way that things are shaping up in the United states is bound to have an effect on the Asian markets and lets not forget that most of the Asian currencies are still pegged to the U.S dollar.
I guess it is all a question as to when will the bear start rising again in Asia? But in spite of poor showing by the U.S economy, the Asian markets should not be affected that much since most of the major ones are protected against any severe backlash resulting from the recession starting in the United states, but even then, the growth rate should be down for the following year by a considerable margin at the least.