Thoughts on Asian Equities and the 'Growth' Narrative

Been watching the Asian markets lately, particularly the Nikkei and some of the broader indices in Southeast Asia. There's this persistent narrative of 'growth' and 'emerging markets' that seems to be baked into a lot of long-term strategies, but I'm finding myself increasingly questioning how much of that is still genuinely a growth story versus simply a value play, or even just momentum. It feels like the broader sentiment often lumps everything in, without enough granular distinction between the mature, export-driven economies and those genuinely on an upswing in domestic demand. I see a lot of folks still talking about them as if it's 2005, when the macro landscape has clearly shifted. Am I missing something fundamental here, or is the 'Asian growth story' a bit overplayed in current discourse? Always good to get some different perspectives on this. Push back if you think I'm off base.