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,