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.

Many of the region’s biggest equity markets — including those in Hong Kong, mainland China and South Korea — are closed for the Lunar New Year holiday.

Asian shares wavered on Friday, weighed down by the return of tech-heavy South Korean stocks from holidays, but relatively strong earnings from U.S. tech giants kept risk sentiment intact while tariff threats pushed the dollar and gold prices higher.

Shares in Japan opened slightly lower, weighing down a gauge of Asian equities despite a small gain for shares in Australia. Many of the region’s equity markets including China, South Korea and Taiwan remained closed for the Lunar New Year holiday.

U.S. stock indexes ended slightly lower on Wednesday, and tech was the biggest drag on the S&P 500, as the benchmark slipped 0.5%