RPT-GLOBAL MARKETS-Asia stocks up after Fed, euro gains on yen

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* Investors greet steady Fed with cautious optimism

* Shares of banks, property firms up after Fed decision

* Euro rises to record high vs yen ahead of ECB meeting

By Kevin Plumberg

HONG KONG, June 26 (Reuters) - Asian stocks edged up on Thursday from a three-month low after the Federal Reserve kept rates steady while the euro hit a record high against the yen on the prospects for a euro zone rate rise.

Stocks were buoyed by Fed comments downplaying the potential for a deeper U.S. economic slowdown, but uncertainty about inflation kept gains in check and fuelled a rally in the euro against the yen on expectations that the European Central Bank would raise rates next week.

The U.S. central bank signalled on Wednesday it was in no hurry to raise rates any time soon, supporting government bond prices that had been sold off sharply on expectations central banks around the world would tackle price pressures aggressively.

Still, given that oil prices remain above $130 a barrel and persistent rises in food prices, investors were cautious about the outlook for the region.

"We've probably seen the worst, but how much better it's going to get in the short term is questionable," said Tony Russell, senior equities adviser at ABN AMRO Morgans in Sydney.

Japan's Nikkei share average .N225 rose 0.4 percent, on track to break a string of five sessions of losses.

Hong Kong's Hang Seng index rose 0.9 percent .HSI, with China Mobile (0941.HK) providing the biggest lift.

Local property firms also boosted the index, in a relief rally after the Fed's stance eased concerns about sudden increase in borrowing costs.

The MSCI index of stocks in the Asia-Pacific region .MIAPJ0000PUS outside of Japan rose 1.1 percent, while the pan-Asia index gained 0.6 percent .MIAS00000PUS. Both indexes hit the lowest since March on Wednesday.

Stocks in Australia led Asia higher, gaining 1.5 percent .AXJO. The country's four largest retail banks, which have been beaten up in recent sessions led the index higher, with Commonwealth Bank of Australia (CBA.AX) providing the biggest lift.

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