NZ dollar falls below 73 US cents, gains vs yen as BOJ reworks strategy

Wed, 21 Sep 2016

By Jonathan Underhill Sept. 21 (BusinessDesk) - The New Zealand dollar fell below 73 US cents and gained against the yen after the Bank of Japan amended its monetary policy, prompting traders to sell the Japanese currency in favour of the greenback. The kiwi fell to 72.85 US cents as at 5pm in Wellington from 73.23 cents late yesterday. The local currency rose to 74.80 yen from 74.55 yen. The BOJ surprised financial markets by scrapping its base money target and focus on setting long-term interest rates, buying long-term bonds to keep...

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