🇯🇵 JPY vs 🇳🇿 NZD: Currency Strength Comparison
Data updated: November 6, 2026
On November 6, 2026, one New Zealand Dollar bought 87.77 JPY at the official reference rate, so per unit the New Zealand Dollar is worth more. A higher unit value only reflects how each currency is denominated, not which one is gaining: over the past 12 months JPY moved -0.8% against NZD, so on momentum the two are roughly level.
Adjusted for consumer-price inflation in both economies, JPY gained 1.3% in real terms against NZD over the same period.
JPY relative to NZD
Positive values mean JPY strengthened against NZD.
JPY vs NZD over the last three years
JPY against NZD, index 100 on November 6, 2023. A rising line means JPY gained on NZD. Dashed: the same, adjusted for consumer-price inflation in both economies. Green dot: 3-year high, red: 3-year low.
- 3-year high: 111.4 on April 9, 2025, when JPY was at its strongest against NZD in the period.
- 3-year low: 90.6 on July 8, 2024.
- Now: 101.9, 8.5% below the high and 12.5% above the low.
- Sharpest one-month move: JPY rose 16.9% against NZD between July 8, 2024 and August 5, 2024, around the time of “RBNZ starts cutting” (🇳🇿 August 14, 2024).
What moved JPY and NZD
- · 🇯🇵 US and Japan intervene to prop up yen — A rare joint intervention aims to halt the yen's slide as a carry-trade unwind rattles global markets
- · 🇳🇿 RBNZ hikes OCR to 2.50% — New Zealand's central bank raises rates again to bring inflation back to target
- · 🇯🇵 BoJ hikes to 1.00% — Bank of Japan raises its policy rate again, citing persistent inflation and yen weakness
- · 🇯🇵 Japan intervenes to defend yen — Japan's Ministry of Finance buys yen after it crosses 160 per dollar during Golden Week
- · 🇯🇵 Takaichi's LDP wins snap election — The LDP-JIP coalition wins a postwar-record majority after a snap election
- · 🇳🇿 RBNZ cuts to 2.25%, signals end — RBNZ cuts to a three-year low while signaling its easing cycle is complete
Major central-bank decisions, elections and shocks for the two currencies since November 6, 2023. The interactive chart marks them on the line.
Performance against 15 major currencies
| Currency | 12-month change vs basket | Rank |
|---|---|---|
| 🇯🇵 Japanese Yen (JPY) | -2.1% | #10 of 16 |
| 🇳🇿 New Zealand Dollar (NZD) | -1.2% | #9 of 16 |
Open the interactive JPY/NZD chart →
How this comparison works
Each currency's strength index starts at 100 and accumulates its daily change against 15 other major currencies (a geometric mean of pairwise exchange-rate moves), using European Central Bank reference rates and other official sources. The relative figures above divide JPY's index by NZD's, so they reflect the two currencies' performance against each other while accounting for the whole basket. The real variant additionally adjusts each currency for its domestic CPI inflation.
Read the full methodology →Frequently asked questions
Is JPY stronger than NZD right now?
It depends on the question. Per unit, 1 NZD = 87.77 JPY (reference rate, November 6, 2026), so the New Zealand Dollar is worth more. As for which one is gaining, over the past 12 months JPY moved -0.8% against NZD, so on momentum the two are roughly level.
How do JPY and NZD perform against other major currencies?
Against a basket of 15 major currencies over the past 12 months, JPY ranks #10 of 16 (-2.1%) while NZD ranks #9 (-1.2%).
What does the JPY vs NZD strength comparison show?
Rather than a single exchange rate, this page compares how each currency performed against a basket of 15 major currencies, then derives their relative strength. It filters out moves caused by the other currency alone and shows who is truly stronger.
How often is the data updated?
Every trading day (Monday to Friday), after the European Central Bank publishes its reference rates, usually around 16:00 CET.