
The Z-axis represents minor typographical differences. For example, the Chinese characters (U+838A 莊) and (U+8358 荘) are Z-variants, as are (U+8AAA 說) and (U+8AAC 説). The glossary at Unicode.org
defines “Z-variant” as “Two CJK unified ideographs with identical semantics and unifiable shapes,” where “unifiable” is taken in the sense of Han unification.
Thus, were Han unification perfectly successful, Z-variants would not exist. They exist in Unicode because it was deemed useful to be able to “round-trip” documents between Unicode and other CJK encodings such as Big5 and CCCII. For example, the character 莊 has CCCII encoding 21552D, while its Z-variant 荘 has CCCII encoding 2D552D. Therefore, these two variants were given distinct Unicode codepoints, so that converting a CCCII document to Unicode and back would be a lossless operation.
one finds bù “no” (U+4E0D 不) and (U+F967 不) described as “font variants,” the term “Z-variant” being apparently reserved for interlanguage pairs such as the Chinese tù “rabbit” (U+5154 兔) and the Japanese to “rabbit” (U+514E 兎). However, the Unicode Consortium's Unihan database
treats both pairs as Z-variants.