A reaction to possible US interest rate hikes could disrupt Asian capital flows said International Monetary Fund.
The prospect of subdued growth in progressed economies can also create negative spillovers for emerging Asian nations as weak exports weigh on the region's growth and inflation.
"Should these economies continue to rely primarily on unconventional monetary policies to lift growth, this could lead to excess global liquidity,” IMF report said.
It further added, “Fanning capital flows to emerging market economies and contributing to excessive currency appreciation and deflation pressures."
A recent slew of firm US economic data has pushed up the dollar on market expectations the Federal Reserve could raise interest rates in December.
Some central banks in Asia-Pacific region may need to weigh the pros and cons of prolonged ultra-loose monetary policy.
Countries like Australia, South Korea and New Zealand seeing heavy money printing boost housing prices, the report said.
The IMF welcomed the Bank of Japan's decision last month to revamp its policy framework and commit to maintaining its ultra-easy policy until inflation overshoots its 2 percent target.