The CHF/JPY currency pair held near a 1-week high of 203.36 on Friday, as the Swiss Franc drew support from robust domestic macro data, while soft Tokyo inflation weighed on the Japanese Yen.
Switzerland’s non-farm payrolls accelerated in the first quarter of 2026, rising 0.5% year-on-year to 5.537 million, compared with a 0.2% increase in the previous quarter.
Labor market gains were led by the services sector, which expanded by 0.6% to 4.409 million, underpinned by strong activity in administrative and support services. The industrial sector also showed tentative stabilization, improving by 0.1% to 1.129 million following a 0.1% contraction in the final quarter of 2025.
Sentiment among Swiss investors has also turned less pessimistic. The latest UBS & CFA Society Switzerland survey showed that the investor sentiment index climbed to -11.1 in May 2026, a significant improvement from -30.3 in May 2025. While the gauge remained below zero, the move signaled a notable easing of negative views among financial professionals.
At the same time, Tokyo’s Consumer Price Index excluding Fresh Food, a gauge closely monitored by the Bank of Japan, rose 1.3% year-on-year, undershooting both expectations and the previous reading of 1.5% YoY.
The measure has now remained below the BoJ’s 2% target for a fourth consecutive month, with fuel and education subsidies helping to counterbalance upward pressure from higher raw material costs linked to the US-Israeli war on Iran.
Against this backdrop, Japan’s Finance Minister Satsuki Katayama warned that authorities could step into the foreign exchange market if needed to curb excessive volatility in the Yen.
The CHF/JPY currency pair was last up 0.04% on the day to trade at 203.20.
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