The AUD/JPY falls sharply after the RBA cuts its benchmark lending rate by 25 basis points to 3.25%. Although market participants expected that the central bank would eventually move to cut rates, "few had expected such a decision to be made today, which comes as a surprise," says Junya Tanase, chief forex strategist at JPMorgan in Tokyo. The pair is at 80.52 from around 81.00 before the rate announcement. The fall in the pair is having a limited effect on other currency pairs such as the USD/JPY and the EUR/JPY. "The AUD is solely being sold," Tanase adds.
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