CHF/JPY soared to its highest levels since December of 2018 in early trading on Thursday. The CHF/JPY currency cross (a pair that does not include the US dollar) is made up of two major financial safe-havens.
The Swiss franc reached long term highs against its major rivals after Switzerland was added to the US Treasury’s watch list of currency manipulators on Monday. The Swiss National Bank (SNB) has previously bought large quantities of foreign currencies to contain demand for the franc.
The inclusion in the US Treasury watch list may discourage the SNB from intervening to attempt to limit further appreciation of the franc. The SNB said that interventions are “not aimed at conferring advantages on Switzerland by undervaluing the franc.”


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