NZ dollar at eight-year high against yen

Interest rate differentials have worked against the yen, says Kiwibank's Jarrod Kerr. (Image: Getty)

Mon, 19 Jun 2023

The New Zealand dollar is hovering around an eight-year high against the Japanese yen in the wake of Bank of Japan leaving its policy rate unchanged on Friday. BNZ bank called Bank of Japan (BoJ) an “outlier amongst global central banks” after it left its short-term interest rate target unchanged at -0.1%, and the yield curve target for 10-year bonds at 0.0%. Just as a point of reference, NZ's official cash rate is at 5.5% and the Reserve Bank of Australia's cash rate target is at 4.10%. The kiwi last traded a...

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