Investors appear to be less interested in the Swiss franc and are instead favoring the Japanese yen, according to Swiss National Bank Vice President Fritz Zurbruegg.

“The yen is a bit of the safe haven at the moment,” Zurbruegg said at conference in Zurich on Thursday. By contrast “we’re a bit out of the line of fire,” he said, adding that the Swiss currency was still “very highly valued.”

While the franc has traditionally acted as a haven in times of market turmoil, it has weakened 2.4 percent against the euro since the start of the year even amid a global equity rout that sent European stocks to their worst start to a year since the 2008 financial crisis. The yen climbed 2.5 percent versus the dollar in the same period.

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