Who makes the best Asian movies?

[Mnementh]

Excellent question. Once upon a time it was clearly Japan. Akira Kurosawa and the Godzilla-movies. Later Hongkong took the crown (I only say Jackie Chan), followed by Japan (Anime like Akira and Studio Ghibli + horror-movies like ringu).
But today mainland China and South Korea are in the same league. Sure, Japan is the leader in Anime, but South Korea starts to get into this field too. They not only want to draw the animes for Japan. But who changed Korea the most in movie business is Park Chan-Wook, one of the greatest directors of all time (yes, like Akira Kurosawa and Alfred Hitchcock).
Mainland China has his great director with Zhang Yimou. Additionally all the Hongkong-stars now cooperate making movies with mainland-china (Jackie Chan - Little Big Soldier, Stephen Chow - Kung Fu Hustle). The other way round too, newer Zhang Yimou movies are also cooperation with Hongkong. So Hongkong-movies and mainland-china-movies are harder to separate these days.
And Japan has more also than anime these days: Takeshi Kitano (Zatoichi), Sabu (Kanikôsen) or Ryuhei Kitamura are also great directors.
So I think all three are on the same level these days: China/Hongkong, South Korea and Japan. Taiwan is trailing behind in my opinion.