Looking internationally, the market still has a hefty appetite for yield that will support the currency. New Zealand yields are on a similar par with those of Kazakhstan.
The U.K. over the past six months shows us how the economy can go from looking quite weak to improving in reaction to a rate cut. It will also occur in New Zealand, so the RBNZ is unlikely to cut aggressively.
There's this building case that the BOJ will be changing policy soon. That's the trigger we've been looking for regarding the yen.