Goldman Sachs Research discusses the scope of BoJ and SNB interventions.

"SNB President Schlegel was pretty clear yesterday in doubling down, sticking to the line that they have 'increased willingness to intervene'. That's surprising to us based on how little they usually intervene in the currency when Swiss inflation is at these levels.

But in a similar fashion to the MOF on USD/JPY where intervention is pushing against fundamental drivers currently, it's harder to see how intervention alone can dictate levels in either EUR/CHF or USD/JPY, even if the recent behaviour does reveal a slightly different policy function," GS notes.

"Tactics will be key, but in both cases we think the macro should ultimately win out over FX management, keeping USD/JPY bid and applying downward pressure on EUR/CHF," GS adds.