How should keyboard mnemonics be localized?

Is there a standard approach to localizing (internationalize) keyboard mnemonics?

For example, in Windows Notepad in English, if the user types Alt+E then P, the Edit menu opens and then the Paste operation is selected. Note that the E in Edit is underlined, as well as the P in Paste, which indicates to the user what the corresponding key is. This is different from the keyboard shortcut for Paste, Ctrl+V.

One approach is to change the mnemonic letters depending on the translated words, but what about non-romanized languages - that don't use ascii/qwerty characters - like Chinese or Arabic? I've seen some programs put the mnemonic after the label in parenthesis, but it doesn't seem ideal.