Both Olympus 1 and FujiFilm Z700EXR have 12.0 MP resolution sensors but Olympus 1's sensor is 1/1.7-inch (7.44 x 5.58 mm ) and FujiFilm Z700EXR's sensor is 1/2-inch (6.4 x 4.8 mm ).
Since Olympus 1's has a larger sensor area with the same resolution, this means that it also has a larger pixel area hence better light collecting capacity for a given aperture compared to FujiFilm Z700EXR.
Below you can see the 1 and Z700EXR sensor size comparison.
As seen above, Olympus 1 has a 1.4x Larger sensor area than FujiFilm Z700EXR. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.