We present UV through NIR broad-band photometry, and optical and NIR spectroscopy of Type Iax supernova 2012Z. The data set consists of both early and late-time observations, including the first late phase NIR spectrum obtained for a spectroscopically classified SN Iax. Simple model calculations of its bolometric light curve suggest SN 2012Z produced ~0.3 M_sun of (56)Ni, ejected about a Chandrasekhar mass of material, and had an explosion energy of ~10^51 erg, making it one of the brightest and most energetic SN Iax yet observed. The late phase NIR spectrum of SN 2012Z is found to broadly resemble similar epoch spectra of normal SNe Ia; however, like other SNe Iax, corresponding visual-wavelength spectra differ substantially compared to all supernova types. Constraints from the distribution of IMEs, e.g. silicon and magnesium, indicate that the outer ejecta did not experience significant mixing during or after burning, and the late phase NIR line profiles suggests most of the (56)Ni is produced during high density burning. The various observational properties of SN 2012Z are found to be consistent with the theoretical expectations of a Chandrasekhar mass white dwarf progenitor that experiences a pulsational delayed detonation, which produced several tenths of a solar mass of (56)Ni during the deflagration burning phase and little (or no) (56)Ni during the detonation phase. Within this scenario only a moderate amount of Rayleigh-Taylor mixing occurs both during the deflagration and fallback phase of the pulsation, and the layered structure of the IMEs is a product of the subsequent denotation phase. The fact that the SNe Iax population does not follow a tight brightness-decline relation similar to SNe Ia can then be understood in the framework of variable amounts of mixing during pulsational rebound and variable amounts of (56)Ni production during the early subsonic phase of expansion.
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