The Swiss franc tumbled to its lowest level in more than 2-years against the yen but rose against the euro as investors looked at the Japanese currency for stability amid concern about a deepening credit crisis.
The franc rose to a seven-month peak against the euro, building on Friday's gains, as concern about banking problems in Europe mounted after leaders of the four biggest European economies failed to agree on a common response to the crisis.
"Now the focus has shifted to Europe and to the banking problems in the euro zone. The Swiss franc has obviously more links to the euro zone than the Japanese yen has," said a forex analyst. The franc was down 1.8 percent against the yen at 90.82 compared to the New York close. It was up 0.44 percent at 1.5461 against the euro. The franc was down 0.32 percent against the dollar, trading at 1.138 per dollar.