Asian stocks are rising after the US central bank unexpectedly said it will not scale back its stimulus programme until the economy improves further. Japan's Nikkei 225 index rose 1.3 per cent, Hong Kong's Hang Seng jumped 2 per cent and Australia's ASX 200 rose to five-year high after the announcement. Stock exchanges in mainland China, Taiwan and South Korea were closed for public holidays.US stock prices also reached new highs yesterday after the US Federal Reserve said it will stay the course on efforts to stimulate the economy. Many investors had speculated that the Federal Reserve will begin reducing its 85 billion dollar bond-buying plan this month. But in a statement released after its two-day policy meeting, the Federal Reserve said there is no fixed timetable for it to begin scaling back its stimulus. The central bank said it is taking a more cautious stance because of an elevated unemployment rate and concerns about the US economic recovery. Federal Reserve Chairman Ben Bernanke announced that there will be no immediate change. The Federala Reserve has been buying 85 billion dollar in bonds a month to stimulate the economy by keeping interest rates low.Analysts say, the decision to maintain the stimulus package confirms that the US economy is not as robust as many hoped. Mr Bernanke said, the job market remains weak.