NZD vs JPY
Fundamentals favour the Japanese Yen by 21 points.
On the Macro Currency Strength Meter, the New Zealand Dollar scores -2 and the Japanese Yen scores +19 — a gap of 21 points in favour of the Japanese Yen. The widest divergence is in commodities, 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 | +3 | +39 | JPY |
| Growth | — | +41 | JPY |
| Positioning | +17 | -4 | NZD |
| Risk Mood | +21 | -21 | NZD |
| Commodities | -60 | — | JPY |
Strength gap over time
NZD minus JPY fundamental score — above zero favours NZD. The gap is currently -21 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.