NZD/JPY breaking lower – Westpac

According to Imre Speizer, Research Analyst at Westpac, NZD/JPY has broken lower and targets 76.50 next.

Key Quotes

“The yen has performed well recently, benefitting from its safe-haven status.”

“3 months ahead: The BOJ’s defacto tapering of its asset purchases (JGB purchases are running at JPY 35tr/yr, rather than the 80tr official target) should be yen supportive. In addition, the Japanese economy is seeing a pickup in consumer activity, mitigating any slippage in external demand. We target 76.”