The Bank of Korea cut Thursday the key interest rate for the first time in seven months, as the yen's weakness threatens to hurt the economy, Yonhap news agency reported Thursday. South Korea's central bank lowered the benchmark seven-day repo rate by a quarter percentage point to a two-year low of 2.5 percent for May, Yonhap said. BOK said the "execution of an extra budget will help accelerate economic growth, but downside risks such as the yen's slide also persist."

India's central bank cut its main interest rate by 25 basis points on Friday, in the third such move this year, but said there was "little space" for further reductions to help the slowing economy. After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said that the benchmark repo rate, at which it lends to commercial banks, would fall to 7.25 percent, as expected by most economists. sal/adp/pdh

India's central bank cut its main interest rate by 25 basis points on Friday, in the third such move this year, but said there was "little space" for further reductions to help the slowing economy. After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said that the benchmark repo rate, at which it lends to commercial banks, would fall to 7.25 percent, as expected by most economists. The cash reserve ratio -- the percentage of deposits banks must keep with the central bank -- was kept unchanged.

New Zealand's central bank left interest rates at a record low of 2.5 percent on Wednesday, predicting they would remain there for the rest of 2013 with low inflation and a surging local currency. The official cash rate (OCR) has remained on hold since March 2011 and financial markets had not expected any movement from the Reserve Bank of New Zealand (RBNZ). Governor Graeme Wheeler said that while growth in New Zealand was firm, a drought had affected agricultural production and government cutbacks were impacting on overall demand in the economy.