Asia stocks gain, gold jumps after US rates unchanged

Asia's stock markets have closed higher following the Federal Reserve's decision to keep its key interest rate unchanged.

That was expected, and Fed Chair Jerome Powell said US interest rates look to be "in a good place" for now.

Gold jumped another 4.6 per cent, trading at $US5,545 per ounce and silver was up 4.1 per cent. The US dollar weakened against the Japanese yen and oil prices rose.

Gains for some technology companies reporting strong earnings failed to give shares in Tokyo much of a lift as the Nikkei rose less than 0.1 per cent.

Computer chip testing equipment maker Advantest surged 5.2 per cent after it reported stronger than anticipated earnings. Some tech company shares, like Panasonic Holdings, fell, while others rose, like chips maker Kioxia Holdings and Sony.

Earnings season is getting into full gear, with major Japanese companies like Toyota Motor, Sony and Nintendo due to report their earnings next week.

Elsewhere in Asia, South Korea's Kospi surged 1.0 per cent to hit a fresh record as computer chip maker SK Hynix picked up 2.4 per cent on a strong earnings report.

Hong Kong's Hang Seng added 0.3 per cent, while the Shanghai Composite index gained 0.2 per cent.

Australia's S&P/ASX 200 shed nearly 0.1 per cent.

In Jakarta, the JSX sank 2.4 per cent, extending a sharp decline after the MSCI, a US provider of global equity, fixed income and real estate indices, warned about market risks in Indonesia.

On Wednesday, the reaction to the Fed's decision to stand pat was muted.

The S&P 500 lost less than one point to 6,978.03 points. The Dow Jones Industrial Average rose 12 points, or less than 0.1 per cent, to 49,015.60, and the Nasdaq composite rose 0.2 per cent to 23,857.45.

Seagate Technology jumped 19.1 per cent for the biggest gain in the S&P 500 after the seller of hard drives and other data-storage products reported a bigger profit for the latest quarter than analysts expected. Nvidia, the stock that's become the poster child of the AI boom, climbed 1.6 per cent and was the strongest single force lifting the S&P 500. Apple slipped 0.7 per cent, the single heaviest weight on the S&P 500.

In the foreign-exchange market, the US dollar stabilised after Treasury Secretary Scott Bessent said in an interview on CNBC that the US government is not intervening in the currency market and continues to want a "strong dollar."

The dollar fell to 153.35 Japanese yen from 153.42 yen. The euro cost $US1.1972, up from $US1.1955.

"From Washington's side, a slightly firmer yen is convenient for domestic manufacturing concerns. From Tokyo's side, even symbolic Fed acknowledgement buys time and credibility," Stephen Innes, managing partner at SPI Asset Management, said in a commentary.

The yield on the 10-year Treasury remained at 4.24 per cent, where it was late Tuesday.

The Fed cut rates several times last year to try to shore up the job market, but inflation remains stubbornly above its two per cent target. Lower interest rates could worsen inflation while giving the economy a boost. Lower rates could also further undercut the US dollar's value, which would help US exporters. Trump has been pushing aggressively for lower rates.

In energy trading, benchmark US crude gained $US1.17 to $US64.39 a barrel. Brent crude, the international standard, rose $US1.25 to $US69.65 a barrel.

with AP