Asian stocks are mostly trading lower after the US dollar recouped its losses following the Federal Reserve meeting on Wednesday.

The dollar had tumbled on Wednesday after the US central bank said US growth had moderated, putting off a rate raise.

The stronger US currency and lower oil prices dragged energy and material stocks down on Wall Street.

Japan's Nikkei 225 fell 0.2% while in South Korea, the Kospi index shed 0.3%.

"Markets believe that the Fed has substantially over-estimated the negative impact of the USD in its new forecasts," Chang Weiliang at Mizuho wrote in a report.

Chinese stocks were falling after a survey showed business sentiment had worsened in March amid deflationary pressures and rising labour costs.

The MNI China Business Sentiment Indicator fell for the third consecutive month to 52.2 in March from 52.8 in February.

A figure above 50 indicates optimism. However, the latest reading showed confidence is at the lowest level since October last year.

Hong Kong's Hang Seng index was 0.4% lower and the Shanghai Composite was down 0.3%.

In Australia, shares were higher despite news its former Prime Minister Malcolm Fraser passed away at 84 after a brief illness.

The S&P/ASX 200 was up 0.4% to 5,971.6.

Stock Movers

Singapore-listed commodity trading giant Noble saw its shares surge by more than 5% after a unit of insurer Prudential and Invesco increased their stakes in the company.

Noble shares have lost nearly a third of their value in recent weeks after little-known firm Iceberg Research called their accounting practices into question.

"Noble's entire focus has been, and will remain, on ensuring that we run our day to day business as efficiently as possible," a Noble spokesman said.

Shares of game-maker Nintendo fell by 6% in Tokyo as investors engaged in some profit-taking.

The Japanese firm had gained more than 30% in the last two trading sessions after announcing plans to enter the smartphone market.

BBC