EUR/JPY plummeted and posted fresh daily lows as the euro was hammered by ECB decision to cut the refi rate in an unexpected move, and to raise the amount of bond purchases. In an unexpected move, the European Central Bank cut all three main rates and expanded the monthly amount of asset purchases to €80 billion starting in April. The ECB cut the main rate to 0.00% from 0.05%, the deposit rate to -0.40% from -0.30% and the lending facility rate to 0.25% from 0.30%. EUR/JPY lost more than 100 pips in a matter of minutes and bottomed out at 123.70. It was last trading at 123.80, recording a 0.68% loss on the day. For more information, read our latest forex news.