This is confirmed by statistical analyses of data for a large number of years. The analyses find significant correlation between a weaker Swiss franc and diminishing net lending. 8  BIS Review 44/2007  It is interesting that the Danish carry speculators show a different reaction pattern to the yen carry speculators.
The yen carry speculators leave their positions when the yen strengthens, apparently fearing that the strengthening forewarns an imminent stronger adjustment of the exchange rate. Our domestic Swiss franc speculators increase their positions when the franc strengthens, apparently believing the strengthening to be temporary.