The refinancing rate that the ECB cut today has been at 0.75% since last July: Higher than the Federal Reserve's main policy rate, and the Bank of Japan's, and the Bank of England's.
The main reason for this is that the Bank of Japan, the central bank of a country with a habit of setting economic records of all the wrong sorts, has intervened more heavily in currency markets than any country has ever done before to slow the yen's rise.