JPY / CHF - Japanese Yen / Swiss Franc

JPY to CHF Exchange Rate History: A Tale of Two Safe Havens

The JPY to CHF exchange rate reflects the battle of two traditional safe-haven currencies—the Japanese yen and the Swiss franc. Both currencies tend to strengthen in times of global risk aversion but are also heavily influenced by central bank policies, inflation control, and global capital flows. Their long-term dynamics are more subtle than high-yield pairs, marked by macroeconomic stability rather than commodity or growth shocks.

1990s: Yen Strength in Japan’s Lost Decade

After Japan’s asset bubble burst in the early 1990s, the yen remained strong, supported by trade surpluses and capital repatriation.

• JPY/CHF traded between 0.0095 to 0.0125, with the yen showing moderate dominance.

• Switzerland remained neutral economically, with a relatively tight monetary policy.

The Swiss franc was stable, but Japan’s ongoing deflation and falling interest rates created a backdrop of gradual yen appreciation.

2000–2008: Low Volatility and Gradual Shift

Throughout the 2000s, both countries maintained low inflation and interest rates. This led to a low volatility range in the pair:

• JPY/CHF hovered mostly between 0.0100 to 0.0120.

• Both currencies were used in risk-off trades, so neither gained decisive long-term ground.

• The Swiss National Bank (SNB) kept policies stable, while the Bank of Japan leaned increasingly toward monetary easing.

Carry trades dominated global markets, but this pair remained stable, without large swings due to their similar risk profiles.

2008–2012: Global Financial Crisis and Safe Haven Surge

During the 2008 crisis, both the yen and the franc surged as investors sought safety.

• JPY/CHF rose initially as the yen spiked, peaking around 0.0125.

• However, the Swiss franc caught up quickly due to European debt fears and capital inflows.

• By 2011, CHF outperformed JPY, driving JPY/CHF to lows near 0.0095.

This period marked the start of a multi-year shift toward Swiss franc strength, particularly as Japan’s deflation persisted.

2013–2019: SNB vs. BOJ – A Policy Divergence Story

As Japan launched Abenomics and the BOJ embraced massive quantitative easing, the yen began to weaken:

• JPY/CHF declined steadily, reaching 0.0080 by 2015.

• In 2015, the SNB shocked markets by removing the EUR/CHF floor, causing a CHF surge.

• Japan’s negative interest rates further pressured the yen.

By 2019, the pair traded near 0.0085, highlighting how aggressive monetary divergence can tilt even safe haven currencies.

2020–2024: Pandemic, Reopenings, and Relative Calm

During the COVID-19 pandemic:

• Both currencies gained during global sell-offs, but CHF had the edge due to less aggressive easing.

• JPY/CHF dipped to 0.0075 in 2020, one of its historical lows.

• As global economies reopened, the yen stayed weak due to BOJ dovishness, while the SNB remained cautious but relatively tighter.

By 2024, JPY/CHF recovered slightly toward 0.0083, but the Swiss franc continued to outpace the yen.

As of April 2025, JPY to CHF trades around 0.0081, reflecting Switzerland’s inflation resilience and tighter monetary policy, while Japan still struggles with yield curve control and persistent deflationary pressures.

✅ Key

🟢 = JPY appreciated vs CHF
❌ = JPY depreciated vs CHF
⚠️ = Mixed or low-volatility phase

📊 JPY to CHF Exchange Rate by Decade

The JPY/CHF exchange rate will continue to act as a key metric in safe haven positioning. Unless the BOJ shifts policy meaningfully, the Swiss franc is expected to retain its edge in this pairing for the foreseeable future.