CHF/JPY: Record Wholesale Inflation Confirms the Yen Turn — Swing Setup (Nov 12, 2026)

CHF/JPY Short — fading the franc against a turning yen

Japan’s pipeline inflation just blew through every forecast: wholesale prices rose more than seven percent, a record, and the yen snapped higher as markets repriced the Bank of Japan’s path. The BoJ already promises to keep raising, December is heavily priced, and last week Tokyo confirmed a record currency intervention to defend the yen. On the other side of the cross, the franc’s support is thinning: the SNB remains at zero — the lowest policy rate among the majors — its safe-haven bid faded as gold slid on the hot US CPI, and rate cuts are still priced through 2027. CHF/JPY has spent three days making lower highs from its November peak, and this morning’s data pushed it to the bottom of that slide. The pullback into the broken shelf is the trade.