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Yen fell as Bank of Japan Gov. Haruhiko Kuroda said Wednesday it is theoretically possible to cut a short-term interest rate to around minus 0.5%, a comment that could add to uneasiness among the public over the policy experiment aimed at beating deflation. Kuroda said it is theoretically possible to bring the rate down to about minus 0.5%, and that he may take such measures if a major global economic crisis potentially threatens Japan's economy.
The New Zealand dollar fell as banks could face billions in write-offs, and may have to go to their owners for extra cash, under a grim scenario for the dairy sector. On Wednesday the Reserve Bank revealed its stress tests for New Zealand's major rural lenders about the impact of dairy prices staying low for years to come.
EUR/USD: during the Asian session the pair traded in the range of $1.1095-10
GBP/USD: during the Asian session the pair fell to $1.4120
USD/JPY: during the Asian session the pair rose to Y113.55
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