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Two safe havens and a quartz crisis: the Swiss franc, the Japanese yen and the trade that links them

In 1969, a small Japanese company called Seiko put on sale the first quartz wristwatch, the Astron, and nobody in Switzerland took it very seriously. A decade later, the Swiss watch industry had lost more than half of its workers, and a country that had made its name on mechanical precision found itself on the back foot. The story of how Switzerland recovered, with the Swatch in 1983 and a new image for mechanical luxury, is also the story of two currencies that often move in the same direction: the Swiss franc and the Japanese yen, both regarded as safe havens when the world is nervous. This page makes the conversion between them simple. It takes the European Central Bank's reference rates, in which the franc and the yen are each quoted against the euro, combines them into a franc-to-yen rate, shows the result with the date and keeps your amount in your browser. The text below follows the franc and the yen through six episodes, and each is a reason to Convert CHF to JPY and to understand what the figure means.

Using the converter

Francs in, yen out

Whether the sum is a single ticket or a month in Tokyo, the sensible first step is to Convert CHF to JPY and keep the date.

Type an amount in Swiss francs and the page returns the value in Japanese yen, with the date of the rate shown below. At weekends it uses Friday's figure and says so. A table of round amounts and a thirty-day line complete the page. For yen into francs, use Convert JPY to CHF.

A benchmark, not an offer

The European Central Bank publishes the rate once on each working day. It is the middle of the market, without the margin that banks, card networks and exchange counters add. What they give you is a little worse, and the gap is the price of their service. Treat this page as a benchmark for any quote you receive: under one per cent is excellent, two or three per cent is normal for banks, and above four is a reason to compare. Every time you Convert CHF to JPY here, you obtain the number for that purpose.

Episode one: the Astron and the quartz revolution

A watch without a spring

Seiko's Astron, launched on Christmas Day 1969, used a tiny crystal of quartz that vibrated at a fixed frequency, driving a motor through electronics. It kept time to within a few seconds a month, far better than a mechanical watch, and as production grew the price fell. By the late 1970s, quartz watches from Japan and Hong Kong flooded the market, and many Swiss manufacturers, wedded to the mechanical tradition, closed. Between 1970 and 1983, employment in the Swiss watch industry fell from around 90,000 to about 30,000.

Why it mattered for the franc

Watches had been Switzerland's second-largest export, and the crisis hit trade, jobs and the balance of payments. At the same time, the franc was strengthening because of its safe-haven status, which made Swiss watches dearer abroad. The combination of cheap, accurate Japanese watches and an expensive franc was punishing. For a historian of currencies, it is a textbook case of how a strong money and a technological shock can amplify each other.

The yen then and now

In the early 1970s, the yen was fixed at 360 to the dollar, then began to float and strengthen. The rise of the yen in the 1980s made Japanese goods dearer, just as the franc had made Swiss ones dear. Both countries learned to compete on quality and brand, not only on price.

Episode two: the Swatch and the revival

A plastic watch that saved an industry

In 1983, the Swiss launched a cheap, colourful plastic quartz watch with fewer parts, called the Swatch. It sold in tens of millions and financed the revival of the mechanical brands within the same group, under the guidance of the entrepreneur Nicolas Hayek. Within a decade, Swiss watch exports recovered, and mechanical watches became symbols of craft and status.

What a Swatch costs today

At the counter, Convert CHF to JPY for the label and compare with the price at home, remembering the tax difference.

A basic Swatch costs about 60 to 150 francs in Switzerland and a little more in Japan after import costs. A visitor who wants to compare will Convert CHF to JPY for the Swiss price and look at the price tag in a Tokyo department store. Prices often differ by country, because of taxes, distribution and pricing policy. Do not forget the Japanese consumption tax of ten per cent, included in the label, which can be removed for tourists.

Episode three: Japanese brands in Switzerland

Seiko, Casio and Citizen

When you compare brands, Convert CHF to JPY for each price and line up the results with the features you value.

Japanese watch brands have long sold in Switzerland, and Seiko has even launched luxury lines such as Grand Seiko. A Grand Seiko, with its precise movement and finely polished case, costs from 5,000 to 15,000 francs and is considered a serious rival to Swiss luxury. Casio's rugged G-Shock costs 100 to 400 francs and is popular with younger buyers. Buyers on both sides compare quality, design and price, converting between the two currencies.

Cameras, cars and electronics

Switzerland imports from Japan cars, cameras, electronics and machinery. A Japanese car costs the same in Switzerland as in other European countries, adjusted for import and tax. The strong franc makes Japanese goods cheaper in Switzerland than before. Importers, buying in yen, benefit when the franc rises against the yen, and many pass on part of the benefit.

Episode four: the carry trade and the franc loans

Cheap money and where it went

Because interest rates in Japan and Switzerland have long been lower than elsewhere, investors borrowed in yen or francs and invested in higher-yielding currencies, a practice known as the carry trade. When risk sentiment turned, the trades unwound, and the yen and franc rose sharply. In the 2000s, households in Eastern Europe also borrowed in francs, with painful results when the franc strengthened. The pair we are looking at shows how both currencies behave as funding currencies.

What it means for the pair

Anyone watching a crisis unfold should Convert CHF to JPY each day and see how little the pair moves while others swing.

In calm times, both currencies tend to weaken as investors use them to fund bets elsewhere. In a crisis, both strengthen. The relationship between them is therefore less stable than between either and the dollar. Between 2008 and 2012, the yen and the franc rose together against many currencies, and the pair between them moved less than the rest. That is a reason to treat any forecasts with caution.

Rates and the central banks

The Swiss National Bank and the Bank of Japan both kept interest rates very low or negative for years. Changes in their policies, and the pace at which they move, influence the pair. Announcements are dates to note for anyone planning a large transfer.

Episode five: a Swiss traveller in Japan

Planning and prices

For a trip of ten days, Convert CHF to JPY for the daily budget and multiply, then add the flights in francs.

Japan is a popular destination for Swiss travellers, with direct flights from Zurich to Tokyo and Osaka. A return ticket costs 900 to 1,800 francs, depending on season. In Japan, a business hotel costs 10,000 to 15,000 yen a night, a bowl of ramen 900 to 1,300, a day on the rail network without a pass 3,000 to 10,000. Convert CHF to JPY for each item and add the totals, which usually come out lower than the Swiss equivalents.

Rail passes and the cost of speed

Before buying the pass, Convert CHF to JPY for each planned ticket and compare the sum with the pass price.

The Shinkansen bullet train between Tokyo and Kyoto takes about two hours and fifteen minutes and costs around 14,000 yen. Foreign visitors can buy a rail pass, but its price has risen recently, so compare it with single tickets. For a visit to two or three cities, tickets are often cheaper. Plan the schedule, and Convert CHF to JPY for both options.

Distances and temperatures

Japan uses kilometres and Celsius, as Switzerland does. For readers from the United States, Convert km to mi and Convert °C to °F help. Mount Fuji, at 3,776 metres, is a little lower than the Matterhorn at 4,478; Convert m to ft gives both in feet.

Episode six: a Japanese visitor in Switzerland

Trains, mountains and chocolate

A Japanese visitor to Switzerland can use the reverse page, while a Swiss one back home can Convert CHF to JPY for a gift budget.

Japan is among the biggest sources of tourists for Switzerland, fascinated by the Alps, the railways and the story of Heidi, which is famous in Japan thanks to an animated series. Japanese visitors flock to the Jungfraujoch, to Interlaken and to Lucerne. They spend heavily on watches, chocolate and knives. For them, the question is the opposite: how many francs for a given sum in yen, using Convert JPY to CHF.

Tax-free shopping

Visitors from outside Switzerland can reclaim value-added tax on purchases above 300 francs in a single shop, if they export the goods within a month. Forms are stamped at the border. A watch costing 5,000 francs carries about 370 francs of VAT, refunded minus a handling fee. Ask at the till.

Powder snow: Niseko against the Alps

Why Swiss skiers fly to Hokkaido

The northern Japanese island of Hokkaido receives some of the lightest and deepest snow in the world, thanks to cold air from Siberia crossing the Sea of Japan. Resorts such as Niseko attract skiers from Australia, Europe and the United States for the so-called Japow, and Swiss skiers, who know their own mountains well, go there for the novelty. A week in Niseko is not cheap, but for those who care about powder, the experience is hard to match. Lift passes cost 7,000 to 9,000 yen a day, lodging in a mid-range apartment 20,000 to 50,000 yen a night, and a meal in a local restaurant 1,500 to 3,000 yen a head. Convert CHF to JPY for each item and compare the sums with a week in Zermatt or Verbier.

What is cheaper, what is dearer

To weigh Niseko against the Alps, Convert CHF to JPY for the week's costs and compare them line by line.

Lift passes in Japan cost about half those in Switzerland, where a day pass runs 80 to 100 francs. Food and local transport are also cheaper. Flights are the big expense, 1,200 to 2,000 francs return, and the journey takes a day. Accommodation prices in Niseko have risen with popularity and can match Swiss levels in peak weeks. The total for a family of four for a week can be higher than a week in the Alps, but the memory is different.

The etiquette of the slopes

Japanese resorts have rules that visitors should learn: ski only within marked areas unless you have the right equipment and a guide, take off boots before entering some lodges and onsen, and do not tip. Gates at the edge of the resort are opened or closed according to avalanche risk. Take them seriously.

Onsen after skiing

After a day on snow, the Japanese relax in an onsen, a hot spring bath. Public baths cost 500 to 1,500 yen, and hotels have their own. Bathers wash first, then enter the bath without clothes. People with visible tattoos were once refused entry at some places, though rules are relaxing. A soak at the end of the day is among the greatest pleasures of a Japanese winter holiday.

A Swiss watch buyer's guide to Japan

The second-hand market in Tokyo

On a trip to Tokyo, Convert CHF to JPY for the shop's price before you negotiate, so you know your ceiling.

Tokyo has a large second-hand market for luxury watches, with shops in Ginza, Shinjuku and Ueno that stock rare Swiss models in excellent condition. The Japanese tend to look after their possessions, so used watches are often in outstanding shape. Prices are quoted in yen, and a model that is hard to find in Zurich may be on a shelf in Tokyo. A Swiss buyer should Convert CHF to JPY for the price, then add the cost of returning with the watch.

Tax-free shopping and customs

A big purchase needs a sum for the customs desk too, so Convert CHF to JPY for the value and estimate the VAT due at home.

Tourists can buy tax-free in Japan, saving ten per cent consumption tax, by showing their passport. The goods are sealed and may not be opened until departure from Japan, depending on the item. At Swiss customs, an item worth more than 300 francs per person incurs 8.1 per cent VAT, which you must declare. Keep receipts and warranty papers, since a Japanese warranty may not be recognised in Switzerland.

Checking authenticity

Buy from established shops, ask for the original box and papers, and check serial numbers with the manufacturer. A price far below the market is suspicious. If in doubt, have a watchmaker examine the watch before paying. A wrong decision costs more than any saving.

The Swiss and Japanese on money habits

Saving, cash and trust

The Swiss and the Japanese are among the world's most diligent savers and the most reluctant to abandon cash. In both countries, many shops still prefer notes and coins. Households keep large sums in bank deposits earning little interest. Trust in the currency is high, which is part of why both franc and yen are safe havens. A visitor from one country to the other will find that paying in cash is easy.

Prices and honesty

Both countries are known for honest dealing, fixed prices and no haggling. A price on a tag is the price you pay, and tips are not expected in Japan and optional in Switzerland. This makes budgeting simple. When you Convert CHF to JPY for a menu price, you can rely on it as a firm number.

Pensions and long-term thinking

Both countries have ageing populations and pension systems that depend on long-term planning. The Swiss three-pillar system and the Japanese public and corporate pension schemes shape saving patterns. Younger people in both countries have reasons to save extra.

Practical money advice for the pair

Cards, cash and cash machines

In Japan, cash remains widely used, though cards are accepted in cities. Withdraw yen from cash machines in convenience stores, which accept foreign cards. In Switzerland, cards are accepted nearly everywhere. A card with no foreign-transaction fee is best. Always choose the local currency if a terminal asks.

Planning bigger transfers

For tuition or a purchase, Convert CHF to JPY on the day you ask for the quote and again on the day you pay.

For larger sums, such as tuition or a purchase, compare quotes from at least two providers against the reference rate. Split the transfer if the pair has been volatile. Record each rate and date. Over a year, a saving of one per cent on 20,000 francs is 200 francs.

Related conversions

Other currencies on the route

For the euro, Convert CHF to EUR. For the dollar and the pound, Convert CHF to USD and Convert CHF to GBP. For Australia, a common stop on the way, Convert CHF to AUD.

Mistakes to avoid

Confusing yen and yuan

The Japanese yen (JPY) and the Chinese yuan (CNY) share a written character. Check the three-letter code.

Paying in francs in Japan

If a shop offers to charge you in francs, refuse. Pay in yen and let your bank convert.

Stale rates

A rate noted a month ago may be a percentage point or more away from today's. The date beside the result protects you.

Time check

The page downloads only the table of daily reference rates. The amount you type never leaves your device, and no account is needed. From the Astron to the Swatch and beyond, the habit is the same: Convert CHF to JPY, read the date, compare any offer against the figure and keep a note.