スイス中銀のジレンマ？！

Swiss National Bank(hereafter, the SNB)allocates the majority of its foreign exchange reserves to Western stock markets,7since the July downturn in U.S. stocks, it has actively intervened to buy Swiss francs for the purpose of realizing profits from foreign exchange reserves. As a result, the Swiss franc has surged toward its year-to-date highs against the euro and the U.S. dollar, raising expectations of additional rate cuts. This article explains the dilemma facing the SNB and the future path of the Swiss franc/yen exchange rate.