Next week's macroeconomic data will reshape the trend of new currency pairs against the yen, with the Bank of Japan meeting becoming the focus.

This week, the market experienced significant pressure on precious metals following the Federal Reserve policy event shock. According to BlockBeats, as we move into next week, market focus will shift to two key events: the Bank of Japan’s January meeting minutes and the U.S. non-farm payrolls data. The release of these macroeconomic indicators will directly influence the subsequent movement of the NZD/JPY exchange rate.

Bank of Japan Decision and Yen Policy Outlook

On Monday, the final U.S. January Manufacturing PMI and the Bank of Japan meeting minutes will be released. As one of the world’s major central banks, the BOJ’s policy stance often determines the medium-term direction of the yen, which will have a profound impact on the NZD/JPY trend. Meanwhile, the release of the U.S. manufacturing sentiment index will provide important reference for the Federal Reserve’s future policy decisions, thereby driving changes in the USD/JPY exchange rate.

How U.S. Economic Data Affects the NZD/JPY

From Tuesday to Friday, the U.S. will sequentially release job openings data (Tuesday), initial unemployment claims and supply chain pressure index (Thursday), culminating in the unemployment rate and non-farm payrolls data on Friday. These employment market indicators are key variables influencing Fed policy and will also indirectly affect the NZD/JPY through changes in the U.S.-Japan interest rate differential. Additionally, the preliminary CPI data from Europe on Wednesday may trigger euro fluctuations, creating multi-directional exchange rate linkages.

Key Time Points to Watch and Respond to Market Movements

In the current macro environment, the BOJ’s policy stance will be the core factor determining the strength of the yen. Investors should closely monitor the meeting minutes on Monday and the non-farm payrolls data on Friday, as these two time points will have the most direct impact on the NZD/JPY trend. By integrating various macro indicators, the market is expected to form a clearer directional judgment next week.