GJT 0.00% $2.69 galileo japan trust

dont understand?, page-24

  1. 6 Posts.
    The unrealised FX loss of A$140 million is equal to the entire currency appreciation on the property assets plus 2007 gross rents, remarkable for a company that only partly hedges its equity capital exposure.

    The risk of further yen appreciation is very real. I would have thought it prudent to hedge against further yen gains, rather than leaving the risk of breaching covenants to the vagaries of the market.
 
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Currently unlisted public company.

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