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The Swiss Franc cross with the Japanese Yen (CHF/JPY) currency pair is often used when traders are looking to play one safe haven currency against another. When traders are looking to consider an alternative safe haven funding currency, they may look to swap Yen exposure in favor of the Swiss Franc or vice versa as a preferred funding currency option.
The Swiss economy has been historically viewed as a safe haven economy with a complex banking system, inviting of capital flows in times of economic downturn. Given its neutrality when it comes to world issues, the Swiss Franc also has become a currency of choice in risk liquidation environments with Switzerland not getting involved in regional and world conflict. The Japanese economy has also been historically viewed as a safe haven economy, mostly because of its traditional low yield that incentivizes investors to borrow Yen at very low rates and invest in higher yielding currencies. Japan's historically low rates is also a tool used for the country to keep its currency weak in order to benefit a massive export sector. So if you’re looking to make a currency play that involves isolating safer currencies and picking which you believe to be the safer of the two, CHF/JPY is the way to go. .