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About the NZD/JPY (NewZealand dollar and Japanese yen)

The NZD/JPY pair is the abbreviated term used for Newzealand and Japanese yen. the NewZealand dollar and Japanese yen, does not have the nickname Before we get into the particulars, what exactly does NZD/JPY rate mean? The exchange rate tells you how many Japanese yen (the quote currency) are required to purchase one Newzealand dollar (base currency). For example, if the pair is trading at 73.91, it means it takes 73.91 euros to buy 1 NewZealand dollar

Breaking Down ‘NZD/JPY

The New Zealand dollar (NZD) is the currency of New Zealand. NZD is made up of 100 cents and this currency is officially represented by the symbol $ or NZ$ to set it apart from other currencies based in dollars. we can use this currency in Cook Islands, Niue, Tokelau, and the Pitcairn Islands. this currency nickname is kiwi and the reason behind of its nickname that national bird found stamped on the one-dollar coin. The decimalization of the currency took place in 1967 when the New Zealand dollar replaced the New Zealand pound at a rate of two dollars to one pound

New Zealand has a market economy that is hugely dependent on global trade, largely with Australia, the European Union, the United States, China, and Japan. It has just small production and high-tech areas, as it is mainly focused on tourism and basic industries like agriculture. in 2005 the World Bank praised New Zealand for being the most business-friendly country in the world

Whereas, the Japanese Yen is classified as a safe haven currency. Before the financial crisis of 2008, several investors would take advantage of ultra-low interest rates from the Bank of Japan to borrow massively in Yen and invest the money abroad.

However, the interest rate differential among the central banks of the RBA and Japan has squeezed significantly considering the global economic downturn, pointing to the unwinding of the carry trade as the value of the Yen rose.

Currency Correlations

Correlation is merely a mutual relationship or connection between two or more things.

Positive correlation – The positive relationship merely is when pairs move in tandem with each other.

In the forex world, the NZD/USD, USD/THB, and USD/HUF currency pairs are positively correlated

Negative correlation – In contrast, a negative relationship is when forex pairs move in the opposite direction, For example, USD/THB, USD/HUF, and XBR/USD

New Zealand (NZD) has a close relationship with gold prices and oil prices. While the correlations (positive or negative) can be significant

Gold & Japanese yen: This is why there is often a positive one connection between the Japanese money and gold: both properties are less than zero connection with the greenback and both are taken into account safe places of safety. however, the relation is not an error less connection, This is because gold is not merely a that possibly taking place in addition to the U.S.dollar, but also to the current money-related system based on Fiat money used in countries. as an outcome of that, it some cases the Japanese money and the dollar both come out badly (or profit) get onto land against gold.

Economic Events: The movement in New Zealand and Japanese economic events determine the exchange rates. Top of the line economic events includes GDP, Employment Change, Industrial Production, and Consumer Price Index. Better than forecast data increases the demand for related currency and impacts the value of either the Australian dollar or the Japanese yen, causing fluctuations in the NZD/JPY exchange rate.

Major Economic Events

Gross Domestic Product – the gross domestic product is the central measure of economic growth in the region.

Employment Change – The Sterling is also sensitive to changes in employment, as slacks in the labor market causes a drop in Inflation rates.

Consumer Price Index – Since one of the goals of the BOP is to maintain price stability, they keep an eye on inflation indicators such as the CPI. If the annual CPI deviates from the central

Industrial Production – This measures a change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

Political Events - Another critical factor is the political aspect. Instability, as seen in the Brexit referendum, can entirely change the direction of the currencies. So, stay up-to-date on the latest political and economic news.

What Determines the NZD/JPY Exchange Rate?

Several factors can impact the NZD/JPY rate valuation, including:

RBNZ & BOJ Monetary Policies: Reserve Bank of New Zealand and Bank of Japan control the supply of money in the market, to keep the economy on track. A dovish policy, which is also known as expansionary policy, from either of the central banks, weakens the related currency. In contrast, a hawkish monetary policy (contractionary policy) strengthens the currency

NZD/JPY Specifications

The NZD/JPY is traded in amounts denominated in the US Dollar.
Standard lot Size: 100,000
Mini lot size: 10,000
One pip in decimals 0.0001
Pip Value: $8.97