"In the first quarter of the year, the Swiss franc appreciated against
the major investment currencies, with the Japanese yen depreciating by 9.6%, the US
dollar by 3.8% (to CHF 0.9020 Swiss francs to the dollar) and the euro by 1.1% (to 1.2043
francs to the euro)."
This mean that they have made such losses mainly by supporting usdchf eurchf and chfjpy.
Now, their investments in terms of % allocation:
USD (usdchf): 28%
EUR (eurchf): 51%
JPY (chfjpy): 9%
The eurchf depreciated just 1.1% but their exposure cover more than half of their whole foreign currency asset, the usdchf depreciated 3.8% (but only 28% of funds here) and the jpy well another loss there too.
The biggest losses comes from supporting eurchf and usdchf, to me this mean that it is highly correlated with their minimum exchange rate monetary policy. Of course not 100% of their losses comes just from keeping eurchf above 1.20, but surely a big part of them.
Make sense?
![](https://resources.faireconomy.media/images/emojis/64/1f615.png?v=15.1)
![](https://resources.faireconomy.media/images/emojis/64/2753.png?v=15.1)