While both Switzerland and Japan suffer from strong exchange rates, I am also struck by the dynamism of the Swiss economy. The U.S. dollar value of exports in Switzerland increased by 192 percent between 2000 and 2011, a threefold increase, whereas the comparable figure for Japan was an increase of 74 percent.
Meanwhile, the domestic currency values increased by 53 percent and 28 percent, respectively (Chart 6). Exports by the pharmaceutical, precision machinery, and watches industries have increased considerably.