Haruhiko Kuroda may have left the Asian Development Bank, but the man and his policies overshadowed the ADB’s annual meeting, which concluded Sunday in New Delhi.

Kuroda headed the development bank for eight years before leaving in March to become governor of the Bank of Japan, where he has initiated an unprecedented program of quantitative easing. The impact of a surge in liquidity from Japan on the rest of Asia was a major topic of discussion at the meeting, which gathered Finance ministers and central bankers from the ADB’s 67 member countries.

“The quantitative easing, or unconventional monetary expansion — it is needed to support the growth of those countries to get out of deflation, to stabilize the system,” Nakao, 57, a former Japanese vice Finance minister in charge of international affairs, said at a news conference at the end of the four-day meeting. “The easing across the globe is needed. It continues to stabilize growth of the global economy, including the emerging markets, but at the same time, it is true we should be mindful of the negative spillovers from the QE and others effects from advanced economies to the emerging economies.”

Other officials warned that Japan’s policies, combined with similar aggressive easing moves by central banks in the U.S. and Europe, could destabilize markets across Asia by flooding them with liquidity.

More than $1.5 trillion is expected to flow into emerging-markets economies in Asia in the coming three years, Governor Amando Tetangco of the Philippine central bank said during a panel discussion on capital flows.

“Capital flows carry with them certain risks,” he said. “First, they lead to easy financing, which leads to strong credit growth and asset inflation. Second, they carry risk, as part of these funds are relegated to shadow banking. The third risk is a reversal of flows.” Although capital is flowing strongly from developed to emerging-markets economies at the moment, Tetangco said Asian countries couldn’t count on that continuing indefinitely. “In the longer term, emerging-markets economies must be prepared for the reversal of these flows,” he said.

The challenge for the Philippines and other countries is to see that inflows are channeled into sustainable long-term investments, Tetangco said. “We need to be able to transform this into financing, to increase the absorption ability of the economy,” he said. “There is a timing mismatch. Portfolio flows can happen very fast, but utilizing these flows can take time.”