NZDJPYCHFJPY Japanese data has come in strong recently. Avg Cash Earnings surprised to the upside at 4.8%, Services and Composite PMIs also improved. Household spending smashed previous levels and expectations to the upside as well. This data justifies the BOJ's hawkish bias. Conversely, we have seen NZ unemployment tick up and labour cost fall which increase the probability for further rate cuts by the RBNZ. The Swiss unemployment rate also increased and consumer confidence is still negative. The SNB are open the idea of negative rates and would see a positive interest differential between then and the BOJ. High probability NZDJPY and CHFJPY continue to sell off.