People walk past an electronic board showing Japan's Nikkei average outside (red for gains) a brokerage in Tokyo. Photo: Reuters / Toru Hanai

All major Asian indices were up on Thursday, amid a broad rally in emerging markets, after the Federal Reserve lowered expectations of another rate hike this year.

Taiwan’s Taiex was up 0.86% on news that Foxconn would expand manufacturing presence in the US, followed by the Hang Seng up 0.71%. KOSPI was up 0.36% after Samsung reported record quarterly profit. Japan’s Topix was up 0.37% after losses in financials offset gains in other segments.

Jakarta Composite (+0.34%), Malaysia (+0.23%), Nikkei (+0.15), Philippines (+0.10%), Shanghai Composite (+0.06%) saw more modest gains, while Thailand was the lone loser in Asia in trading Thursday (-0.13%).

Dampened inflation expectations after the Fed decision Wednesday should mean lower borrowing costs for emerging markets.