Teo,While I completely agree with you on major earthquake in...

Teo,

While I completely agree with you on major earthquake in Tokyo being the single largest risk associated with BJT, at current share price around 30 cents, i would have thought that the downside is limited.

31% of BJT's portfolio is outside greater Tokyo. Given the last reported NTA is 1.75, 31% of 1.75 is 54 cents. While I expect the JPY to weaken against AUD and some weakness in property valuation, there is a reasonbale margin of satefy between 54 cents and 30 cents.

Also, BJT's debt consists entirely of 5 non-recourse, asset-specific loans. Given the non-recourse nature of the loans, BJT as a group is somewhat protected from earthquake or any other event that affect a specific location.