The banks we track split on where NZD/JPY ends 2027. The newest, BNZ (9 Nov 2026), sees NZD/JPY at 89.10 by December 2026 and 87.90 by December 2027. Their December 2027 calls run from 87.90 (BNZ) to 95.00 (ASB). The ECB reference rate on 11 Nov 2026 was 88.91.
Bank forecasts
Each row is one bank's latest published forecast, as at the date shown. Figures are end-of-period levels for one NZ dollar in yen.
| Bank · published | Today | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 |
|---|---|---|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 88.91 | 89.10 | 88.00 | 87.60 | 88.50 | 87.90 | 88.80 | 89.70 |
| ASBOctober 2026 | 88.91 | 91.00 | 91.30 | 94.10 | 94.50 | 95.00 | 93.80 | 92.00 |
| ANZ18 Sep 2026 | 88.91 | 90.50 | 89.30 | 89.70 | 88.50 | 88.80 | — | — |
| Spreadvs today |
Sources: BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table); ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); ANZ NZ Latest forecasts (spreadsheet). Kiwibank to be added. ANZ's NZD/JPY figures are crosses derived from its US dollar forecasts; its note was finalised before the RBNZ's 28 October 2026 decision. Westpac's 19 October note gives no NZD/JPY forecast. "Today" is the ECB reference rate, 11 Nov 2026.
12 months of rates, then the bank calls
Forecast calculator
Type an amount to see it at today's mid-market rate and at each bank's published forecast. It shows what the banks expect. It isn't a quote or advice.
Rates: ECB reference rates converted to NZD, 11 Nov 2026. Forecasts: end-of-period levels from each bank's note, dated. A bank or transfer service will give you less than the mid-market rate.
The past year
On 11 Nov 2026 one NZ dollar bought 88.91 yen on the ECB reference rate. That is +2.0% on a year earlier (87.15 on 11 Nov 2025) and +0.2% on a month earlier.
This is what the banks expect. It isn't advice on when to send. A bank or transfer service will quote you a rate below the mid-market rate shown here.
The other way round
For money coming into New Zealand, here are the same figures the other way up. We've inverted each bank's NZD/JPY figure (1 ÷ forecast), so these are the banks' views in our arithmetic, not separate bank forecasts.
| JPY/NZD | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 |
|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 0.01122 | 0.01136 | 0.01142 | 0.01130 | 0.01138 |
| ASBOctober 2026 | 0.01099 | 0.01095 | 0.01063 | 0.01058 | 0.01053 |
| ANZ18 Sep 2026 | 0.01105 | 0.01120 | 0.01115 | 0.01130 | 0.01126 |
Today: 1 JPY = 0.01125 NZD (inverted ECB reference rate, 11 Nov 2026).
The next big moment
The Reserve Bank of New Zealand reviews the Official Cash Rate (OCR) alongside its Monetary Policy Statement. OCR decisions often move the NZ dollar on the day. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar).
OCR dates and bank callsWhat drives the rate
Interest-rate gaps are among the biggest drivers of NZD/JPY. NZD/USD forecast · NZD/AUD forecast · Why the NZ dollar is weak · All bank forecasts
When New Zealand interest rates rise compared with Japan's, NZ dollar deposits pay more than yen deposits, and the NZD tends to firm against the yen. The OCR is 2.75% (since September 2026); ANZ, BNZ and Westpac forecast 3.00% by December 2026, and ASB 3.25%. The next RBNZ decision is on 9 December 2026.
In Westpac's 19 Oct 2026 table, NZD/JPY was the one major pair where the NZ dollar stood above its 5-year average: 89.4 against an average of 87.6, in a range of 75.5 to 98.6. Against the US dollar, Australian dollar, euro and pound it was near the bottom of its range. See why the NZ dollar is weak.
The yen often gains when global share markets fall and investors pull money out of higher-yielding currencies such as the NZ dollar. That means NZD/JPY tends to drop in a market sell-off and recover when confidence returns, sometimes more sharply than NZD/USD.
FAQ
Straight answers, with the source and date for every figure.
The banks we track disagree. BNZ (9 Nov 2026) forecasts 89.10 by December 2026 and 87.90 by December 2027, −1.1% on today. ASB (October 2026) forecasts 91.00 by December 2026 and 95.00 by December 2027, +6.8% on today. ANZ (18 Sep 2026) forecasts 90.50 by December 2026 and 88.80 by December 2027, −0.1% on today. Today is the ECB reference rate of 88.91 on 11 Nov 2026. Bank forecasts are often wrong.
At the 11 Nov 2026 ECB mid-market rate of 88.91, NZ$1,000 is ¥88,910. A bank or transfer service will give you less, because it adds a margin to the mid-market rate. At the banks' December 2026 forecasts it would be ¥89,100 (BNZ), ¥91,000 (ASB) or ¥90,500 (ANZ).
Inverting the bank figures (1 ÷ forecast), BNZ's December 2026 forecast of 89.10 equals about 0.01122 NZD per Japanese yen, ASB's December 2026 forecast of 91.00 equals about 0.01099 NZD per Japanese yen and ANZ's December 2026 forecast of 90.50 equals about 0.01105 NZD per Japanese yen. Today's ECB reference rate is 0.01125 NZD per Japanese yen. These figures are our arithmetic on the bank numbers, not separate bank forecasts.