FXstreet.com (Barcelona) - Asian markets are going through gains on Thursday as The Japanese prime minister announced further economic stimulus to reactivate the country's decaying economy. Major currencies are moving in tight ranges.

Nikkei Index rose 3% as the country's ruling party proposed $154 billion stimulus package to kick start Japanese economy, and machinery orders rose against expectations in February.

Hong Kong's Hang Seng Index has risen 2.3%. Australian S&P Index has added 0.6% as previous gains have been trimmed by the country's unemployment rate growing at its fastest pace in 18 years.

Currencies moving sideways

Major currencies have been moving in narrow ranges during today's Asian session; USD/JPY moves some pips above 100.00 on late Asian session after having been trading in the range between 99.50 and 100.

EUR/USD has been moving in the range between 1.32300 and 1.3280 for the whole Asian session once it was rejected by the 1.3300 level on yesterday's U.S. session.

GBP/USD has moved in a range from 1.4670 to 1.4720 and the pair is attempting to squeeze higher on late Asian session, reaching levels at 1.4730, volatility, though, remains quite low.