The New Zealand dollar is tipped to get much stronger against the yen and the pound this year.
Japan is New Zealand's fourth largest trading partner with total exports worth $3 billion, while New Zealand imports $2.8 billion worth of Japanese goods.
A weaker yen will make Japanese imports cheaper but also means New Zealand gets less from its exports.
Tower Investment head of fixed interest Craig Alexander said the New Zealand dollar has already risen by 15% against the yen since October.
He said it's a long term strategy and Japan has been in a "deflationary quagmire" for at least 10 years, so it's likely that any remedy will take some time.
Mr Alexander said in those terms it's likely the kiwi to yen rate will keep rising.
He said the British pound is also expected to weaken against the Kiwi and other major currencies as the country's economy deteriorates.
He said the New Zealand dollar could rise from the current rate of 53 pence to nearly 60 pence.