It's like referring to someone of sub-Saharan African descent. Colored is out unless you're talking about the National Association for the Advancement of Colored People. Negro is a little old-fashioned unless you're talking about Negro Baseball Leagues or the United Negro College Fund.

Oriental is OK if you're talking about studies of ancient cultures in Egypt or Mesopotamianss or others of that area, but not if you're talking about, ummm, what can you call them? East Asians?