The Japanese Yen Crosses recovered most of their earlier losses after the Federal Reserve lowered the discount rate. At one point, all of the crosses were in the green for the day when the Dow opened up over 300 points.
The Nikkei took a heavy beating last night with the index down 5.4 percent, which was the largest drop in 7 years. The announcement by the Fed today should help to stabilize some of the Asian markets. At this point, there is zero chance that the Bank of Japan will be raising interest rates next week.