Asian shares are mostly higher in muted trading after the U.S. Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through lower rates in Septe

Australian stocks opened higher, extending gains in the previous session. Futures show, Japan stocks to open higher. Taiwan, South Korea, Hong Kong and China markets are closed for Lunar New Year holidays.

Economists polled by Reuters expect Australia’s inflation to rise 2.5% in the 12 months to the December quarter, from 2.8% in the previous year.

Asian share markets rose in thin trading on Thursday as much of the region was on holiday for the Lunar New Year, while the U.S. dollar held its ground after the Federal Reserve signaled a pause in policy easing.

Asia-Pacific markets rose on Thursday despite a sharp decline on Wall Street the previous day as investors reassessed the Fed's policy outlook after its widely expected decision to hold rates steady and acknowledged that inflation remains "somewhat elevated.

Asian stocks showed mixed performance in light trading Thursday, with several markets closed for the Lunar New Year. The U.S. dollar remained steady after the Federal Reserve kept interest rates unchanged,