How large is the carry trade in NZD/JPY?

At peak rate differentials (RBNZ above 5%, BoJ near 0%) the annualized carry exceeds 500 basis points. Even a small daily adverse FX move can offset this, which is why carry trades are often entered with tight stop-losses.

What New Zealand data moves NZD/JPY the most?

RBNZ rate decisions and CPI releases have the biggest single-day impact. GlobalDairyTrade auction results also move NZD meaningfully given dairy's export weight.

How does NZD/JPY respond to a global equity crash?

Sharply downward. NZD sells off as risk sentiment deteriorates and commodity outlook dims; JPY simultaneously rises on safe-haven buying. The combined effect typically exceeds the move in either leg against USD.

Is NZD/JPY well covered in the live currency set?

Yes. Both NZD and JPY are in our live-updating currencies on exchangerate.dev. The cross rate derives from two live legs and updates approximately every 60 seconds through the trading week via /v1/latest/NZD?symbols=JPY.

What is the historical range of NZD/JPY?

The pair has traded as low as 42 yen per kiwi (during the 2008 financial crisis) and above 90 during peak carry-trade periods in 2007. The 2020s range has been roughly 65–90.

Does BoJ's yield-curve control affect NZD/JPY?

Significantly. When the BoJ caps Japanese government bond yields, it suppresses the yen and supports NZD/JPY. Any YCC adjustment or abandonment is a major risk event for this pair.

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NZD/JPY

Name: NZD/JPY exchange rate time series
Creator: exchangerate.dev
License: https://exchangerate.dev/terms

92.738

(New Zealand Dollar / Japanese Yen)

-1.55% today

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NZD/JPY historical chart

Aug 4Jan 27Jul 31

Live NZD/JPY conversion rate

As of 2026-08-04 11:46:09 UTC, NZD/JPY (New Zealand Dollar / Japanese Yen) is 92.738, reconciled from ECB ref · live spot and refreshed every 1-minute ingest / daily reference fallback. Every observation is point-in-time and labels its source class and timestamp — backtest-safe and reproducible. NZD/JPY is available over the REST API and an MCP server on exchangerate.dev, with a free tier to start.

How do I query NZD/JPY?

One authenticated GET returns the latest value with its timestamp and source. Swap the language tab for your stack.

$ curl https://api.exchangerate.dev/v1/rate/nzd-jpy \
    -H "Authorization: Bearer $API_KEY"
# → rate, timestamp, source, derived

✓The response includes source, market_session, and data_updated_at freshness metadata.

Reference

GET/v1/latest/NZD?symbols=JPY

Latest NZD/JPY indicative spot rate — value, timestamp, source, and market_session.

Rate limit

12 / min (Free) · 500 / min (Pro)

Latency p95

sub-100ms edge hits

Source feed

ECB ref · live spot

Frequency

1-minute ingest / daily reference fallback

Provenance

Reconciled against aggregated market data + public reference rates · parser v2.1

Methodology and revision log are public and versioned.

Read methodology

More in fx

NZD/JPY — Kiwi-Yen Carry Dynamics

NZD/JPY combines the New Zealand dollar, a high-yielding commodity currency, with the Japanese yen, the world's most widely used funding currency. This makes it a natural carry-trade vehicle: borrow in yen at near-zero rates, invest in New Zealand fixed income at higher rates.

Because New Zealand is a smaller, open economy, NZD is sensitive to global risk sentiment, dairy prices, and RBNZ policy shifts. Japan's yen, conversely, responds to global safe-haven flows and the Bank of Japan's yield-curve control regime.

The pair tends to fall sharply during equity market selloffs (both legs move against the long position simultaneously) and to rise gradually during risk-on periods as the carry premium is slowly accumulated.

All rates are indicative from aggregated market data and public reference rates. Not for settlement.

Frequently asked questions

How large is the carry trade in NZD/JPY?: At peak rate differentials (RBNZ above 5%, BoJ near 0%) the annualized carry exceeds 500 basis points. Even a small daily adverse FX move can offset this, which is why carry trades are often entered with tight stop-losses.
What New Zealand data moves NZD/JPY the most?: RBNZ rate decisions and CPI releases have the biggest single-day impact. GlobalDairyTrade auction results also move NZD meaningfully given dairy's export weight.
How does NZD/JPY respond to a global equity crash?: Sharply downward. NZD sells off as risk sentiment deteriorates and commodity outlook dims; JPY simultaneously rises on safe-haven buying. The combined effect typically exceeds the move in either leg against USD.
Is NZD/JPY well covered in the live currency set?: Yes. Both NZD and JPY are in our live-updating currencies on exchangerate.dev. The cross rate derives from two live legs and updates approximately every 60 seconds through the trading week via /v1/latest/NZD?symbols=JPY.
What is the historical range of NZD/JPY?: The pair has traded as low as 42 yen per kiwi (during the 2008 financial crisis) and above 90 during peak carry-trade periods in 2007. The 2020s range has been roughly 65–90.
Does BoJ's yield-curve control affect NZD/JPY?: Significantly. When the BoJ caps Japanese government bond yields, it suppresses the yen and supports NZD/JPY. Any YCC adjustment or abandonment is a major risk event for this pair.