Analysts at Nomura explained that among G4 central bank chiefs, Governor Kuroda's stance has not materially changed.
"JPY weakness against European G10 FX is in line with our view of monetary policy divergence, and the EUR/JPY appreciation trend may continue in the medium term."
"Heightened focus on financial stability, a shift in global central bank policy and rising longer-end yields should be also a headwind for higher-beta commodity currencies like NZD."
"We recommend long EUR/NZD, targeting a move up to 1.6190.
We also anticipate a re-test of the early June highs in EUR/AUD, while the pace of appreciation is likely to be slower than the swift move up observed in late April/May."