💹 Appetite For Swiss Franc Funding Increased After Yen Intervention: Cable FX Macro

• Pre-intervention the market’s cheap short was JPY (USD/JPY 164). After ¥15.4tn and a joint US op, short-yen became an event-risk book. The next cheapest G10 yield is CHF: SNB 0%, Confederation 10Y 0.40%, versus US 10Y 4.73%, UK 5.16%, Australia 5.08%, Germany 3.29%. Carry desks rolled the short from Tokyo to Zurich.

• CHF caught a Middle East bid earlier in 2026 (EUR/CHF down to 0.898 in March). Once energy shock inflation stayed imported and Swiss CPI only got to ~0.6%, the haven premium decayed. Japan’s intervention then reassigned the official-support story to JPY. CHF kept the low yield and lost the geopolitical call option.

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