Asia Pacific stocks set to rise as U.S. Fed keeps rates on hold; Japan's June retail sales data expected

Futures pointed to a higher open for stocks in Japan. The Nikkei futures contract in Chicago was at 22,535 while its counterpart in Osaka was at 22,530. That compared against theShares in Australia were also set to rise, with the SPI futures contract at 6,029.0, as compared to theIn a widely expected move, the Fed on Wednesday kept its benchmark overnight lending rate near zero.

"The focus now turns to the September meeting where the expectation is the Fed will provide more forward guidance," Tapas Strickland, director of economics at National Australia Bank, wrote in a note. "At some point the Fed may also look to increase the rate of bond purchases to offset any increase in issuance on the back of increased fiscal spending and focus will remain on the prospects of the Fed to adopt yield curve control at some point in the future," Strickland said.

On the economic data front, Japanese retail sales data for June is expected to be out at around 7:50 a.m. HK/SIN. Meanwhile, South Korean industry heavyweight Samsung Electronics is also set to report its second-quarter earnings on Thursday. The firm said in early July that its

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