An item from BNZ (in brief) on the kiwi $ vs the yen. BNZ looking for NZD/JPY to 64.
- NZD/JPY is tracking around levels not seen since 2012, just above 68, and our projections show scope for a further move down to 64.
BNZ citing:
- a backdrop of falling global rates
- JPY is well supported
- speculative positioning has turned positive, after being negative for much of the past few years
- Hedge funds see JPY as the safe-haven of choice in the current global economic environment
- the BoJ has limited options to ease policy further to keep up with other central banks
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Weekly candles for kiwi/yen:
