The Bank of Korea unexpectedly cut borrowing costs for the first time in more than three years, joining an international push for monetary stimulus as Europe’s debt crisis threatens to undermine global growth. Governor Kim Choong Soo and his board lowered the benchmark seven-day repurchase rate to 3 percent, the first cut since February 2009, the central bank said in a statement in Seoul today. Two of 16 economists surveyed by Bloomberg News predicted the move while the rest forecast no change. “What we’re seeing is a global policy response from Europe to China and now Korea to stave off a deep recession,” said Kong ... (full story)