This comes at a time of political turmoil and escalating fiscal crisis in Japan.

If we compare the price movements of CHF/USD and JPY/USD over the past few months and overlay them with the movements of gold and silver, we can see that the safe-haven appeal of the JPY has been weakened by increased political and economic uncertainty in Japan.

While CHF has become one of the few ideal safe-haven currencies, investors are also increasingly turning to gold and silver as alternative backups (i.e., debasement trading). The current situation differs significantly from the long-standing experience and common sense of the FX market, but patterns still exist.🧐