So says Nomura.
The SNB looks to have sold core euro assets in Q1 and used these funds to increase equity exposure in other countries and in the Nikkei
The other countries are said to comprise of Australia, Sweden, Denmark, Singapore and South Korea.
The big story for SNB Q2 reserves is the Fitch downgrade of the UK meaning a large decline in triple A rated fixed income assets.
No doubt the SNB were getting twitchy around the Cyprus debacle when the currency was approaching 1.2100. There’s always talk that they are in the market propping up large falls but obviously these are less frequent the further we get from the peg.
When I hear about their diversification of EUR/CHF buying I always picture the Great Escape.