NZD/JPY (kiwi yen): what moves the pair and how to trade it carefully

• NZD
• JPY

What NZD/JPY is

NZD/JPY is the New Zealand dollar priced in Japanese yen. Traders call it "kiwi yen". The first currency (NZD) is the base. The second (JPY) is the quote. The price shows how many yen one New Zealand dollar buys.

When the price rises, the kiwi is gaining against the yen. When it falls, the yen is gaining. Neither currency is the US dollar, so NZD/JPY is a cross pair. See majors, minors and exotics for how pairs are grouped.

You see two prices. The bid is where you can sell. The ask is where you can buy. The gap between them is the spread, and it is a cost you pay on every trade.

Pip size and pip value

A pip is the standard unit of price movement. On yen-quoted pairs, the pip sits at a different decimal place than on pairs like EUR/USD, because the yen price is a much larger number. MetaTrader usually shows one extra digit, called a fractional pip or pipette. Check the "Digits" value in the symbol specification so you do not confuse pips with pipettes.

Pip value is worked out in two steps:

1. Contract size × pip size gives the pip value in yen, the quote currency.
2. That yen amount is converted into your account currency, for example USD, at the current USD/JPY rate.

Because of the second step, the pip value in USD changes when USD/JPY moves, even if your position size stays the same. Use the calculator to get the figure for your lot size:

Margin and leverage

Margin is the amount your broker locks to keep a position open. Leverage sets the ratio between your position size and that margin. Higher leverage means less margin, but losses grow just as fast as with lower leverage. Leveraged CFD and forex trading can lose money quickly, including your whole deposit.

At Exness, forex positions opened from from 15 minutes before to 90 seconds after high-impact news fall under higher margin requirements (HMR). During that window, forex leverage is 1:200 (0.5%). The listed margin call and stop-out levels are: Standard Cent: margin call 60%, stop out 0%; Standard: margin call 60%, stop out 0%; Pro: margin call 30%, stop out 0%; Raw Spread: margin call 30%, stop out 0%; Zero: margin call 30%, stop out 0%. Exness also notes 0% stop out not supported in some countries; may vary.

Check the margin for your size and leverage here:

What tends to move the kiwi

• RBNZ policy. The Reserve Bank of New Zealand sets the cash rate. Rate decisions and guidance on future moves affect the NZD.
• Dairy prices. Dairy is a large part of New Zealand's exports. Results from global dairy auctions can move the currency.
• China demand. China is a major buyer of New Zealand goods. Chinese growth data and trade news often feed into the NZD.
• Risk appetite. The kiwi is treated as a "risk-on" currency. It tends to do better when markets are calm and stocks are rising.

What tends to move the yen

• BoJ policy. Bank of Japan decisions on rates and its yield-curve stance, meaning how far it controls Japanese bond yields, are key yen drivers.
• US–Japan yield gap. When US yields rise relative to Japanese yields, the yen often weakens, and the other way round.
• Safe-haven demand. In market stress, the yen is often bought. That can pull NZD/JPY down sharply.
• MoF intervention risk. Japan's Ministry of Finance can step into the market when yen moves are fast. Intervention can cause large, sudden swings.

The pair often moves with other "risk" yen crosses such as AUD/JPY. See pair correlations and NZD/USD for related pairs.

Liquidity by session and spread behaviour

• Wellington and Sydney open: the week starts here. Liquidity is thin, and spreads can be wider than at other times.
• Tokyo session: usually the most active time for NZD/JPY, because both home markets overlap.
• London session: volume increases as European banks trade yen crosses.
• New York session: US data and yield moves can drive the yen side.
• Late US hours and rollover: liquidity drops and spreads can widen.

Spreads also widen around RBNZ and BoJ announcements, major US data, and any sign of intervention. A cross pair usually has a wider spread than a major.

Exness conditions to check

Exness's public pages do not publish a separate NZD/JPY specification. The figures below are general account conditions from those pages, not a pair-specific quote. Check the current NZD/JPY specification in the platform before trading.

The spread figures are minimums. Real spreads vary by instrument and time of day.

Swaps are overnight financing charges or credits. For Pakistan, Exness lists automatic swap-free status: Algeria, Azerbaijan, Bahrain, Bangladesh, Brunei, Chad, Comoros, Côte d'Ivoire, Djibouti, Egypt, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Lebanon, Libya, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Tajikistan, Tunisia, Turkiye, Turkmenistan, United Arab Emirates, Uzbekistan. Confirm the status on your account in the Personal Area. See swap fees and Islamic finance.

Compare accounts on account types.

Legal position in Pakistan

The SBP and SECP have made these points about offshore trading:

• On remittances, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)).
• Also, per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
• On protection, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.

Read law and regulators before you decide anything.

Frequently asked questions

What does "kiwi yen" mean?

It is the market nickname for NZD/JPY. "Kiwi" refers to the New Zealand dollar.

How do I work out pip value on NZD/JPY?

Multiply the contract size by the pip size to get the value in yen. Then convert it to your account currency. The pip calculator on this page does both steps.

Does NZDJPY analysis mean you give trade ideas?

No. This page explains the drivers and the mechanics only. It contains no forecasts, price levels or signals. For methods, see fundamental analysis and technical analysis.

Why can NZD/JPY fall quickly?

In risk-off periods, traders often sell the kiwi and buy the yen as a safe haven. Both moves push the price down at the same time.

Where do I find the exact Exness specification?

Open the symbol specification in MetaTrader or the Exness terminal. Also check the conditions in the Personal Area.

Can I lose more than I expect?

Losses on leveraged positions can be fast and large. Exness lists balance reset to 0 after stop out, but you can still lose your whole balance. Read risk management.