New Zealand Dollar / Japanese YenNZD/JPY

NZD/JPY is a carry-trade pair in the same family as AUD/JPY. NZD is the higher-yielder, JPY is the traditional safe haven. The pair climbs in risk-on environments — buoyant global equities, weak yen — and falls sharply during risk-off episodes when capital flees to the yen. Slightly lower liquidity than AUD/JPY but a similar risk-barometer role. Drivers include RBNZ vs BoJ policy, dairy / soft-commodity prices, China demand and global equity sentiment. Volatile in macro shocks.