Asian shares rise, kiwi slumps as New Zealand cuts rates

Asian shares rose and the dollar nursed losses on Wednesday after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign, sending bond yields lower. The kiwi dollar slumped 0.7% after the Reserve Bank of New Zealand cut interest rates by 25 basis points to 5.25% and projected more easing to come. Adding to the busy news flow in the Asia morning were headlines that Japanese Prime Minister Fumio Kishida would step down as ruling party leader in September, ending a three-year term marked by rising prices and marred by political scandals.Read More