Asian stocks were a mixed bag on Thursday as fears of U.S. interest rates remaining high for longer remained in play, although the Federal Reserve did downplay any expectations for further interest rate hikes. 

Japanese industrial production grew more than expected in March, preliminary data showed on Tuesday, indicating some relief in the country;s manufacturing sector after two straight months of declines.

Japan's factory output grew more than expected in March, government data showed on Tuesday, thanks largely to automakers resuming production after safety scandals.

China's manufacturing and services activity both expanded at a slower pace in April, official surveys showed on Tuesday, suggesting some loss of momentum for the world's second-biggest economy at the start of the second quarter.

Rapid disinflation and resilient growth will help Asia Pacific achieve a "soft landing" even though economic expansion is expected to slow over the next two years, the International Monetary Fund (IMF) said on Tuesday.

Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows.