The NZD/JPY pair is the pairing of a major currency (the JPY) with a non-major (the NZD). The pair is therefore not a major itself, nor is it a commodity pair, as neither of the two currencies involved in it are overwhelmingly commodity-focused.
The NZD
Also known as the Kiwi, or Kiwi dollar, the New Zealand Dollar is used by a number of small island nations, in addition to New Zealand itself. The NZD was introduced in 1967, and initially, it was pegged to the USD. To this day, the USD and the state of the US economy exerts quite an effect on the evolution of the NZD.
In 1985, the NZD started floating. The biggest trading partner of the country is obviously Australia, so it’s safe to say that in addition to the USD, the AUD also impacts the NZD quite directly.
The JPY
The Japanese Yen is the currency of the world’s second largest economy and it is a popular reserve currency too. Due to its stability and low interest rates, it used to be preferred by traders for carry trading. Nowadays, this carry equation no longer holds much water.
Though the JPY is not a commodity currency, Japan’s economy is indeed heavily commodity-dependent. While in regards to Gold, Silver and Magnesium, indigenous production covers is needs, it imports Iron ore and Bauxite from Australia.
NZD/JPY Analysis
In addition to imports of raw materials, Japan also imports agricultural and food products, and a lot of these imports originate from New Zealand. This link means that the NZD/JPY pair is in fact the most traded of all currency pairs involving the NZD, volume-wise.
During the early 2000s, the NZD went through an inflationary stretch, which made the pair attractive for traders on account of the stability of the JPY. That is obviously no longer the case today though.