The SNB pegged their currency to the Euro in order to devalue it, but they still had deflation (or really low inflation). It did move the exchange rate -- which Scott Sumner thinks
is a sufficient indication is an indicator [Sumner disagreed with that characterization, however see here**] for looser monetary policy.
The SNB has decided to let their currency appreciate again after the devaluation failed to produce inflation or spur growth -- as would be predicted by a liquidity trap model.
"BTW, Kuroda is engaged in monetary offset (the yen has recently fallen from 109 to 118)"
I would say engaging in monetary offset is looser policy; tighter policy would stand to see a rise in the Yen.
Updated with footnote 1/15/2015 11:48 PST