Swiss Franc / Japanese YenCHF/JPY

CHF/JPY pits two traditional safe-haven currencies against each other, which makes the pair more about relative monetary policy and capital flows than the global risk cycle. Both currencies tend to strengthen during stress, so the pair is less directional than CHF or JPY paired with risk currencies. Drivers include SNB vs BoJ policy divergence, Japanese capital flows abroad and Swiss inflation prints. Liquidity is moderate and spreads are wider than majors — useful when you want a neutral expression of "central bank divergence" without taking on equity-market direction.