The CHF/JPY currency pair, which expresses the value of the Swiss franc in terms of the Japanese yen, is an interesting pair to watch as both its constituent currencies are viewed as safe havens. The Swiss franc (or CHF) is the currency of Switzerland, which is traditionally viewed as a safe-haven country by virtue of its current account surplus and political stability. The Japanese yen (or JPY) bears similar characteristics.
Therefore, the CHF/JPY pair is "risk-neutral" in a sense, as rises and falls in global risk sentiment should not (in theory) drive the moves in