The Swiss National Bank (SNB) has lowered its policy rate to 0.25% in response to increased downside risks to inflation, marking a gradual shift towards negative interest rates. This decision reflects the unique characteristics of the Swiss economy, including a strong currency and productivity gains. Meanwhile, in Japan, inflation data has shown a stronger than expected increase, contributing to a rise in the Topix index, which reached an eight-month high. The yen has also seen fluctuations, strengthening to 148.675 against the dollar following the release of consumer price index data. Analysts suggest that the uptick in core inflation in Japan may bolster calls for further rate hikes by the Bank of Japan, potentially supporting a yen rally. Despite these developments, the yen remains at historically low levels against other currencies, indicating broader economic challenges.