Will the difference between RBNZ and BoJ policy rates widen, narrow or remain uncertain? Follow TRADE90's conditional research assessment and source-linked evidence.
The published RBNZ benchmark is 2.75% and the BoJ benchmark is 1.25%. The signed NZD minus JPY differential is +150 basis points.
Calculation: (2.75% − 1.25%) × 100 = 150 basis points. One percentage point equals 100 basis points. A negative result means the quote currency has the higher benchmark; a positive result means the base currency does.
These are published policy benchmarks. Check each bank’s effective date and official source below before using the comparison.
Last checked:Data is checked daily, even when the figures stay unchanged. This time records the latest source check; individual coverage is listed below.Check details & source coverageEconomic data check: 4 Nov 2026, 13:17 UTC (Checked successfully)Bank source scan: 4 Nov 2026, 13:17 UTC (Checked successfully)Rate decision verification: 3/8 banks · Partial coverageSome sources or reviews need attention. See details below.Last benchmark dataset change: 29 Oct 2026See source health and analyst review dates →
Benchmark dataset last changed 29 Oct 2026. Effective dates differ by bank; a successful source check does not necessarily mean a new decision was verified. This is a dated official-policy-rate comparison. Review sources, update frequency and licensing →
ECONOMIC COMPARISON
New Zealand vs Japan
Compare inflation, jobs and growth behind NZD/JPY.
Published economic observations, not live prices. Each line keeps its original reporting frequency. Missing observations are not estimated.
Inflation
Headline CPI · year-on-year %
New Zealand · NZD3.71%2026 Q3 · Quarterly
Japan · JPY2.10%Sept 2026 · Monthly
National headline CPI; euro area uses HICP. Baskets and national methods differ. Quarterly readings remain quarterly.
National headline CPI, all items, year-on-year percentage change (COICOP 2018)
Provider updated: Not supplied by provider Retrieved: 2026-11-04
Japan inflation — selected range
Period
Value
Sept 2026
2.10%
Aug 2026
1.90%
Jul 2026
1.90%
Jun 2026
1.60%
May 2026
1.50%
Apr 2026
1.40%
Mar 2026
1.50%
Feb 2026
1.30%
Jan 2026
1.50%
Dec 2025
2.10%
Nov 2025
2.90%
Oct 2025
3.00%
Sept 2025
2.90%
Aug 2025
2.70%
Jul 2025
3.10%
Jun 2025
3.30%
May 2025
3.50%
Apr 2025
3.60%
Mar 2025
3.60%
Feb 2025
3.70%
Jan 2025
4.00%
Dec 2024
3.60%
Nov 2024
2.90%
Oct 2024
2.30%
Sept 2024
2.50%
Aug 2024
3.00%
Jul 2024
2.80%
Jun 2024
2.80%
May 2024
2.80%
Apr 2024
2.50%
Mar 2024
2.70%
Feb 2024
2.80%
Jan 2024
2.20%
Dec 2023
2.60%
Nov 2023
2.80%
Oct 2023
3.30%
Sept 2023
3.00%
Aug 2023
3.20%
Jul 2023
3.30%
Jun 2023
3.30%
May 2023
3.20%
Apr 2023
3.50%
Mar 2023
3.20%
Feb 2023
3.30%
Jan 2023
4.30%
Dec 2022
4.00%
Nov 2022
3.80%
Oct 2022
3.70%
Sept 2022
3.00%
Aug 2022
3.00%
Jul 2022
2.60%
Jun 2022
2.40%
May 2022
2.50%
Apr 2022
2.50%
Mar 2022
1.20%
Feb 2022
0.90%
Jan 2022
0.50%
Dec 2021
0.80%
Unemployment
% of labour force · seasonally adjusted
New Zealand · NZD5.60%2026 Q2 · Quarterly
Japan · JPY2.50%Aug 2026 · Monthly
Labour-force survey measure. Euro-area unemployment uses Eurostat’s 21-country aggregate. Switzerland and New Zealand report quarterly; other economies report monthly. UK observations are rolling three-month averages dated to the middle month; age coverage can differ.
Sources: OECD, Eurostat and the U.S. Bureau of Labor Statistics, retrieved through official OECD and Eurostat APIs or the Federal Reserve Bank of St. Louis (FRED). Data may be revised. Refresh check: 2026-11-04. Higher or lower readings alone do not determine currency direction.
Full paired yield comparison is not available yet. NZD: missing; JPY: verified 2026-11-02. Historical or missing observations are not presented as current spreads.
Bond yields may react to expectations, liquidity and term premiums. They are not inputs to TRADE90's 90-day policy-rate divergence classification.
Policy calendar · NZD/JPY
Next Major Decisions to Watch
The next scheduled monetary-policy announcement for each of the two central banks in this pair. Dates are official schedules, not forecasts of rate increases or cuts.
NZD · RBNZScheduled
Policy announcement date
OCR decision and Monetary Policy Statement
What to watch
Official Cash Rate announcement and Monetary Policy Review or Statement
Schedules checked 15 Oct 2026. Central banks may reschedule meetings or announce unscheduled decisions. For the newest schedule, use the linked official calendars.
ORIGINAL RESEARCH · EDITORIAL REVIEWED
Latest NZD/JPY research
Original research will appear here once the analysis, dates and primary sources are verified and approved. Explore the policy and macroeconomic evidence above in the meantime.
Compare what the two central banks have actually communicated. These are dated summaries of official policy, not market-priced rate expectations or trade recommendations.
NZD · RBNZ
Conditional further tightening projected
RBNZ projections allowed for further OCR increases
The September Monetary Policy Statement projected further OCR increases conditional on its central economic outlook, to bring inflation back toward 2%. This is the bank's conditional projection, not a market-implied quote.
What could change the outlook?
New Zealand CPI, demand and labour-market data; new OCR path in the next policy statement
BoJ September decision retained a conditional tightening path
After its September rate increase, the BoJ said further adjustments would depend on economic activity, prices and financial conditions. It described underlying inflation approaching its objective, while retaining uncertainty about timing and pace.
What could change the outlook?
Japan's wage and inflation trend, financial conditions and the October Outlook Report
Review date: 16 Oct 2026. Different central-bank statements are not directly comparable forecasts. The next policy decision may materially change the guidance.
Official central-bank publications
Central Bank Policy Updates · NZD/JPY
Only BoJ and RBNZ: official decisions, minutes and policy publications relevant to NZD/JPY. No unrelated currencies.
Last curated review: 15 Oct 2026 · Dated source collection — not a live news feed
3 publications from the two banks in NZD/JPY.
JPY · BoJRate decision
BoJ adjusts Complementary deposit facility interest rate · 1.25%
BoJ announced an adjustment to its benchmark rate; Trade90's selected complementary deposit facility interest rate is 1.25%. Effective 2026-09-24.
What this publication confirms: Official policy benchmark, not a market-implied future rate.
RBNZ publishes September Monetary Policy Statement
The RBNZ explained its decision to increase the Official Cash Rate to 2.75%, alongside its assessment of inflation, economic activity and risks. Its policy projections are not identical to market-implied rates.
What this publication confirms: Official inflation and activity outlook alongside the OCR decision.
Links detected from official bank publication channels. A new publication is not necessarily an interest-rate decision and is not a verified policy-rate change.
Loading recent source scan…
Automatically collected links are shown for reference, not verified AI-written summaries or streaming data. For rate and source-quality definitions, see TRADE90's data policy.
INTERPRETATION & SOURCES
What the NZD/JPY policy-rate gap means
NZD/JPY compares the NZD (New Zealand) and JPY (Japan) monetary-policy benchmarks. NZD has the higher selected official policy-rate benchmark in Trade90's 29 Oct 2026 snapshot. The signed base-minus-quote gap is +150 basis points; this is a comparison of official policy levels, not a currency-price signal.
What could change the relative policy outlook?
For NZD, monitor New Zealand CPI, labour data and RBNZ Monetary Policy Statements. For JPY, monitor Japanese wage settlements, inflation and Bank of Japan policy normalization. A change in future market expectations may move an exchange rate even while the current official policy gap remains unchanged.
Why this gap is not a trade recommendation
Trade90 compares Official Cash Rate against Bank of Japan selected interest-rate benchmark. Each country defines its policy benchmark differently. The signed difference is not an FX forward, an investable interest-rate spread, or a broker's overnight swap charge.
Macroeconomic pressure does not guarantee future central-bank decisions. The experimental policy evidence model does not predict spot currency prices. Read the methodology and source and update policy.
View supporting bank evidence and official publications
SOURCE-LINKED RESEARCH · HOW THE MODEL REACHED THIS VIEW
NZD/JPY · Economic drivers and central-bank evidence
Underlying policy assessments, offsetting risks, observation periods and official publication links.
02 · Central-bank policy evidence: At least one current source-bound policy interpretation is unresolved.
03 · Relative policy-rate gap: insufficient directional evidence. No future policy-rate levels or probabilities are generated.
NZD Central-bank outlook
Policy direction uncertain
Economic pressure: Tightening pressure
Automated policy check: assessed · Automated tightening-pressure scenario. Latest recorded decision not directly reverified in this run. Recorded official decision ↗
Validated input coverage: 4/4 series · Predictive accuracy not yet established
Official policy guidance is expired, unreviewed or superseded; no directional policy assessment is issued
Evidence currently evaluated
Headline CPIAbove the model reference zone; rising
New Zealand CPI, demand and labour-market data; new OCR path in the next policy statement
Official guidance, opposing evidence & input details
Inflation objective: 1–3% medium-term range, focused on 2%. Official framework ↗
Central-bank statement: The September Monetary Policy Statement projected further OCR increases conditional on its central economic outlook, to bring inflation back toward 2%. This is the bank's conditional projection, not a market-implied quote. Original statement ↗
Published 2026-09-02 · Review 2026-10-16
Core definitions differ across countries; these are supporting indicators, not separate official targets.
Headline and underlying inflation trends differ; energy, food or other components may matter.
Rising unemployment offsets inflation pressure and could favour holding.
Economic indicators are source-checked, but the prior central-bank commentary is not treated as current.
JPY Central-bank outlook
Policy direction uncertain
Economic pressure: Balanced or conflicting pressure
Automated policy check: new decision requires verification · No supported automated direction. Latest recorded decision not directly reverified in this run. Recorded official decision ↗
Newer official publication needs verification: 2026-10-30 ↗. Older guidance is not considered updated.
Validated input coverage: 4/4 series · Predictive accuracy not yet established
Official policy guidance is expired, unreviewed or superseded; no directional policy assessment is issued
Evidence currently evaluated
Headline CPIWithin the model reference zone; rising
Central-bank statement: After its September rate increase, the BoJ said further adjustments would depend on economic activity, prices and financial conditions. It described underlying inflation approaching its objective, while retaining uncertainty about timing and pace. Original statement ↗
Published 2026-09-18 · Review 2026-10-20
Core definitions differ across countries; these are supporting indicators, not separate official targets.
OECD CPI excluding food and energy differs from Japan’s commonly cited CPI excluding fresh food.
Economic indicators are source-checked, but the prior central-bank commentary is not treated as current.
What is included, what is missing, and how to read the rate gap
The current rules evaluate headline and underlying inflation, unemployment, GDP and source-reviewed central-bank guidance. The inflation measures are not always the same as each bank's preferred policy measure.
TRADE90 uses official macroeconomic observations and central-bank policy evidence only. Wage growth, inflation expectations, services inflation, policy projections and credit conditions are not yet scored. The current thresholds have not been calibrated against historical forecast outcomes.
Rates are compared as base minus quote; a negative signed gap can become more negative even when the absolute gap widens. Widening or narrowing should never be interpreted as an FX buy/sell signal. If both banks have similar directional biases, timing and move sizes may make the relative gap uncertain. Read the complete model rules and limitations ↗
Answers use the published benchmark snapshot dated 29 Oct 2026. They are not trading signals.
Which currency has the higher policy benchmark in NZD/JPY?
NZD has the higher selected policy benchmark. The NZD minus JPY difference is +150 basis points.
Does the NZD/JPY interest-rate gap predict the exchange rate?
No. Policy-rate differences alone do not predict spot exchange rates. Market expectations, inflation, growth, risk sentiment and positioning can all influence price.
How is the NZD/JPY policy-rate differential calculated?
Subtract the JPY policy benchmark from the NZD benchmark and multiply the percentage-point difference by 100 to obtain basis points. A negative result means the quote currency has the higher benchmark.
Is this NZD/JPY analysis live?
No. These are published policy benchmarks, not live FX quotes. Check the effective dates and linked official central-bank sources for each benchmark.
For effective dates, methodology and source links, review the benchmark comparison and supporting evidence above.