HONG KONG: Asian markets were slightly higher Thursday after the US Federal Reserve said it would keep its loose monetary policy in place until there is stronger evidence that the economy is back on its feet.
The euro edged up despite another round of downbeat data from debt-hit Europe, including economic pillar Germany.
Tokyo gained 0.47 percent, Hong Kong added 0.17 percent, Sydney was 0.18 percent higher and Shanghai was up 0.10 percent while Seoul was flat.
The Fed said Wednesday it would stick to its $40 billion a month bond-buying programme -- known as quantitative easing -- for as long as needed and keep interest rates at record lows until least 2015.
Despite recent figures pointing to an improvement in the economy -- including in household spending and in the housing market -- the Federal Open Market Committee said growth remained at a "moderate" pace.
It pointed to a slowdown in business investment and a high unemployment rate, adding that there was still vulnerability to strains in the global economy.
"The decision to reaffirm their quantitative easing stance and maintain the guidance on short-term rates reflects a sober view of the domestic recovery," said Steven Ricchiuto, Chief Economist at Mizuho Securities USA in a note to clients.
"Global financial market risk and a depressed labour market were explicitly used to justify policy," he added, according to Dow Jones Newswires.
Wall Street ended in the red as corporate earnings continued to weigh. The Dow fell 0.19 percent, the S&P 500 shed 0.31 percent and the Nasdaq lost 0.29 percent.
In Europe, data showed German business confidence fell in October for the sixth month in a row to the lowest level since February 2010.
The Ifo economic institute's closely watched business climate index dropped to 100.0 points in October from 101.4 points in September. Analysts had expected a slight rise.
Adding to the bleak picture, research firm Markit's Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses, fell to a 40-month low of 45.8 in October from 46.1 in September. Anything below 50 is considered a contraction.
The figures put pressure on the euro on Wednesday, sending it to $1.2921 in New York, before it recovered slightly.
In early Asian trade the single currency bought $1.2980 and 103.80 yen, compared with $1.2972 and 103.49 yen in New York late Wednesday.
The dollar was at 79.95 yen against 79.79 yen.
On oil markets New York's main contract, light sweet crude for delivery in December, gained five cents to $85.78 a barrel while Brent North Sea crude for December delivery advanced four cents to $107.89.
Gold was at $1,707.60 at 0240 GMT compared with $1,708.50 late Wednesday.
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