NZD vs JPY
Fundamentals favour the Japanese Yen by 40 points.
On the Macro Currency Strength Meter, the New Zealand Dollar scores -12 and the Japanese Yen scores +29 — a gap of 40 points in favour of the Japanese Yen. The widest divergence is in positioning, which favours the Japanese Yen. All else equal that gap is a fundamental tailwind for the Japanese Yen against the New Zealand Dollar — though markets may already have priced much of it in.
Pillar comparison
Which currency wins each macro driver| Driver | NZD | JPY | Edge |
|---|---|---|---|
| Interest Rates | +11 | +52 | JPY |
| Growth | — | +22 | JPY |
| Positioning | -28 | +16 | JPY |
| Risk Mood | -7 | +7 | JPY |
| Commodities | -41 | — | JPY |
Strength gap over time
NZD minus JPY fundamental score — above zero favours NZD. The gap is currently -40 and widening.A widening gap means the fundamental edge is growing; a narrowing gap means it’s fading. Educational macro context, not a trade signal.