ForexLive Asia wrap: Venezuala to go to the polls as Hugo Chavez dies, aged 58

News hit the wires in late New York that Hugo Chavez had died from cancer Australia Q4 GDP +0.6% q/q (vs. +0.6% expected); the y/y was +3.1%, Q3 q/q was revised higher from +0.5% to +0.7% UK February BRC Nielsen Shop Price Index 1.1% y/y (vs. 0.6% prior) Japan's upper house will hold Kuroda's BOJ confirmation hearing on March 11; the hearings for Iwata and Nakosa are to be held the following day Today was day 1 of the BOJ policy meeting – an announcement as to any decision will be tomorrow, at the completion of day2. Nothing of substance is expected (we await Kuroda taking the helm once Shirakawa's resignation comes into effect on march 19) Abe to announce participation in TPP talks next week The Chinese National Development and Reform Commission briefing today said urbanisation will be the biggest driver of domestic activity in coming years North Korea says it will scrap treaty if US/Sth Korea drills continue North Korea to conduct massive military drills next week After yesterday's record long Asia wrap, a reversion to the mean. Today was a relatively quiet session in the markets, EUR, GBP and NZD all in tight ranges. USD/JPY lost a little ground, retesting to overnight lows and all the bids around and below 93.00, only to retrace nearly all of its 30 point fall through the afternoon. AUD/USD had some movement – it jumped 20 points on the release of the as expected GDP figures and then ticked higher to test briefly above 1.0300. It settled back around 1.0285 for the balance of the afternoon