This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets traded mixed Thursday as China's central bank kept interest rates steady, after the U.S. Federal Reserve kept benchmark rates unchanged overnight.

Australia's S&P/ASX 200 traded 1.16% higher to close at 7,918.9.

South Korea's Kospi climbed 0.32% to close the trading day at 2,637.1 while the small-cap Kosdaq fell 1.79% to close at 725.15.

Hong Kong's Hang Seng Index fell 2.16% and mainland China's CSI 300 dipped 0.88% to close at 3,974.99, after China kept its key lending rates unchanged as Beijing juggles propping up growth and stabilizing its currency amid mounting trade frictions.

The People's Bank of China kept the 1-year loan prime rate at 3.1% and the 5-year LPR at 3.6%, where they have been since a quarter-percentage-point cut in October.

Japan markets were closed for a holiday.

The Federal Reserve held interest rates steady at 4.25% to 4.5% on Wednesday, while signaling that they anticipate two rate reductions later in the year. Their economic projection also foresaw rising inflation and reduced economic growth.

Fed Chair Jerome Powell also noted that while economists sounded the likelihood of a recession, a severe downturn is not likely. The Fed's decision comes against a backdrop of festering tensions between the U.S. and its key trade partners.

U.S. stock futures climbed after the three major averages rallied as the Fed maintained its outlook for two interest rate cuts this year.

The three major U.S. indexes closed higher. The S&P 500 clawed back more of the rout since late February that took the benchmark briefly into correction territory. The Dow Jones Industrial Average climbed 383.32 points, or 0.92%, and closed at 41,964.63. The S&P 500 jumped 1.08% to end at 5,675.29, and the Nasdaq Composite advanced 1.41% to settle at 17,750.79.

— CNBC's Sean Conlon and Pia Singh contributed to this report.

China's youth jobless rate notches four-month high in February

China's youth unemployment rate rose to a four-month high in February, as the labor market continues to face a challenging outlook despite the government's effort in bolstering the economy.

The urban jobless rate for 16-to-24 year-olds, excluding students, rose to 16.9% in February, from 16.1% in January, according to data from the National Bureau of Statistics on Thursday, the highest level since October last year.

The unemployment rate for 25-to-29-year-olds and 30-to-59-year-olds also ticked higher to 7.3% and 4.3%, respectively, from the previous month.

China's nationwide jobless rate climbed to 5.4% in February, the highest level in two years, according to data released by the statistics bureau on Monday.

— Anniek Bao

Trump reportedly says he expects India to lower tariffs on U.S.

U.S. President Donald Trump said that India is likely to reduce the tariffs it imposes on American products, according to an interview with American news outlet Breitbart News.

"I think they will probably lower those tariffs significantly, but on April 2, we will impose the same tariffs they charge us," Trump was quoted as saying to Breitbart News.

— Lee Ying Shan

Tencent shares fall as profit beat fails to impress investors

Hong Kong-listed shares of Tencent fell 2.41% Thursday, a day after the tech behemoth's fourth-quarter results beat estimates.

The company's fourth-quarter revenue rose 11% year-on-year while profit was up 90% versus the same period in 2023.

—Arjun Kharpal, Lee Ying Shan

Copper prices hit highest level since October

Copper prices on listed on the London Metals Exchange notched their highest level since October.

The three-month LME copper contract was last seen trading 0.46% higher at $10,028.5 per metric ton.

In a note published Monday, Citi analysts forecast strength in copper prices this month amid temporarily stronger U.S. copper import demand, as well as broader concentrate and scrap supply constraints.

— Lee Ying Shan

Australia's employment falls in February

Australian employment dropped in February, with net employment falling by 52,800 jobs in February compared to the month before, data from the Australian Bureau of Statistics showed. The figure is under market expectations of a 30,000 climb.

The jobless rate remained steady at 4.1%.

The Australian dollar weakened 0.25% to trade at $0.634 against the greenback.

—Lee Ying Shan

China’s central bank follows U.S. Fed in keeping rates steady as tariff threats pressure yuan

China kept its key lending rates unchanged on Thursday, as Beijing juggles propping up growth and stabilizing its currency amid mounting trade frictions.

The People's Bank of China kept the 1-year loan prime rate at 3.1% and the 5-year LPR at 3.6%, where they have been since a quarter-percentage-point cut in October.

The rate decision follows the U.S. Federal Reserve's move to hold benchmark interest rates. Fed officials, however, indicated likely half a percentage point of rate cuts through 2025.

Read the full story here.

—Anniek Bao

Toyota subsidiary pleads guilty to emissions fraud

Hino Motors pleaded guilty on Wednesday over an emissions fraud scheme according to the U.S. Justice Department.

The subsidiary of Toyota will face $1.6 billion in penalties and is also expected to pay a fine of $521.76 million. Hino Motors will also serve five years of probation, during which the engine manufacturer will be banned from importing diesel engines it manufactures into the U.S.

Japan markets are closed for a holiday.

—Lee Ying Shan

Weaker growth, higher inflation 'balance each other out' in Fed forecast, Powell says

Fed Chair Powell said the central bank's forecasts for less economic growth and higher inflation in 2025 somewhat offset each other, explaining the fact that the forecast for rate cuts this year stayed at two.

"At the December meeting, the median was two cuts. So you come in and you see, broadly speaking, weaker growth but higher inflation. And they kind of balance [each other] out," he said.

Again, Powell emphasized the forecasts are "highly uncertain."

— Jesse Pound

Stocks close higher after Fed policy decision

The three major averages finished Wednesday's session in positive territory after the Federal Reserve decided to leave interest rates unchanged.

The Dow Jones Industrial Average rose 383.32 points, or 0.92%, to close at 41,964.63. The S&P 500 gained 1.08% to finish at 5,675.29, and the Nasdaq Composite jumped 1.41% to finish at 17,750.79.

— Sean Conlon