A Week of Records for Swiss Franc Versus Yen Doesn’t Deter Bulls

(Bloomberg) — The Swiss franc has a hit a record every day this week against the yen, but that isn’t stopping traders from betting on more gains.

The franc extended its strongest streak against the Japanese currency since September 2022. Data from the Depository Trust & Clearing Corporation show demand for options reached a record on Tuesday, with bullish Swiss franc structures making a strong comeback.

The moves come amid renewed yen weakness as expectations for a hawkish Bank of Japan fade with the near-certain elevation of Sanae Takaichi to Japan’s premiership. Meanwhile, in Switzerland, traders are less confident pricing in negative interest rates, which is buoying the franc.

The Swiss currency bought 191 yen on Wednesday, up 0.4% and its fifth day climbing.

Options gauges underscore the conviction: one-month risk reversals, a barometer of market positioning and sentiment, show traders are the most bullish on the franc in nine years.

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