It's certainly true that, for now, Asian banks including Japan's have been barely affected by Wall Street's meltdown. That's mainly because the exposure has been very minimal. Asian banks, in general, have always been very conservative compared to American and European banks.
During the boom years, Asian banks were criticized for not making better use of their shareholders' money. Well, look who has the last laugh now.
Ummm... mayhaps you missed a key point... 'Asian Banks' is far too sweeping a reference. In china, The PRC owns the banks and the majority share of all big business. In Japan, after the 1998 meltdown on real estate investments in the US and the 2002 home collapse, the Government became the major shareholder. In Korea, the banking institutions are shared by both corporate and government interests. It should also be noted that all three systems are in vicious competition with one another.. looking 'inward' is the first 'checkpoint'.. they make no moves that'll leave them open to foreign funds grabbing control.
And here.. we just lost any chance of keeping the sovereign funds from snapping up broad swathes of our economic engine. We may be sitting here debating the fall of the western economies.. we'll know soon enough, I think.
