Why is the Swiss franc so strong and the Japanese yen so weak? What can we say now with the "zero interest rate gap"?

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Why is the Swiss franc so strong and the Japanese yen so weak? What can we say now with the "zero interest rate gap"?

The policy interest rates of the Bank of Japan and the Swiss National Bank are now at parity, but the Swiss franc remains strong and the Japanese yen weak on the exchange rate, which should be affected by the interest rate differential. Why has such a large gap developed between these two currencies, both of which were representative safe haven currencies up until about a decade ago?