THE New Zealand dollar is heading for a 4.3 per cent weekly gain against the yen, adding to last week's 4.2 per cent increase, as investors buy into the Japanese central bank's programme to revive the country's economy.
The kiwi increased to 85.75 yen at 5pm in Wellington from 85.58 yen on Thursday, and hit a new five-year high 86.13 yen during the trading session.
The NZ currency traded at 86.23 US cents at 5pm from 86.32 cents this morning and 85.92 cents on Thursday.
The kiwi has been one of the biggest beneficiaries of the Bank of Japan's goal to double its monetary base and raise inflation to an annual pace of two per cent.
"The market is going all the way pricing in the Bank of Japan achieving its target - it's hard to see the weakness in the yen continuing at this breakneck pace," said Mike Jones, currency strategist at Bank of New Zealand in Wellington.
"The Aussie and the kiwi are probably the two bigger benefactors of the cash that's come out of Japan."
New Zealand's 10-year government bonds yielded 3.38 per cent at 5pm in Wellington, almost 280 basis points more than their Japanese equivalent.
The kiwi is heading for a 2.3 per cent weekly gain on a trade-weighted basis, with the yen driving much of those gains, and the trade-weighted index reached a new post-float high 79.39. The TWI was 79.15 at 5pm from 79.11 on Thursday.
The kiwi was little changed at 65.72 euro cents from 65.79 cents on Thursday and almost unchanged at 81.67 Australian cents from 81.66 cents.
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