The NZD/JPY currency pair, which expresses the value of the New Zealand dollar in terms of the Japanese yen, at least in the short run tends to correlate positively with risk assets such as equities. If markets are in a positive mood, the Japanese yen (a conventional safe haven) tends to ease, while commodity currencies (including NZD) tend to find some support. Positive risk sentiment is, therefore, constructive for NZD/JPY - a risk-on currency pair.
The chart below illustrates recent price action for NZD/JPY this year, while the red line illustrates S&P 500 futures prices.