New Zealand government bond yields on Wednesday declined by 50% rate cut by Reserve Bank of New Zealand and Bank of New Zealand's Governor Orr signal for further easing as needed.
The yields on the 10-year bond fell 15 points to 1.8 percent.
The yield on the 2-year bond experienced a 20-point decline.
In support of this more than expected downturn, Bank of New Zealand's Governor Orr pointed out the measures needed to support the economy and the recession. He has spoken of the possibility of further declines and negative interest rates, if necessary.