A forex quote for New Zealand Dollars versus Japanese Yens is shown below. New Zealand dollar (the 'base currency') is quoted in terms of Japanese yen (the 'counter currency'). In historically low-yielding currencies (like the Yen), carry trades are attractive to traders (where traders borrow cheaply to buy higher-yielding currencies like NZD). As global economic performance and stability improve, investors tend to favor carry trades; as market stress increases, they shun them. As a result, NZD/JPY is quite susceptible to swings in broad-based market sentiment. Economic data from key trading partners (notably China) also influences expectation of Reserve Bank of New Zealand monetary policy - both domestically and internationally.