Ngairc,On the topic of earthquakes, there was one here on Monday...

Ngairc,

On the topic of earthquakes, there was one here on Monday night, but its epicentre was located in an adjoining prefecture, and although I could feel it clearly and it lasted a good minute, it was minor and there were no aftershocks, thankfully.

You are right about the share price and it is somewhat of a positive that at least 31% of the portfolio is located outside of Tokyo/Greater Tokyo, but in my opinion it would be a lot more positive if was over 50% of the portfolio, even taking into consideration the non-recourse asset specific loans you mentioned.

I agree with your comments on the Yen v AUD. For some time now I have been of the opinion that the AUD will be worth north of Y100 for the long-term future starting from as early as this year or next year and continuing well into the future. For those of you out there who might scoff at such a suggestion, the AUD reached such a figure last year before falling off a cliff before recovering to its present levels. The AUD was worth over Y100, then was worth as little as Y55 and now is in the high 70s as it tracks back towards 100. The difference this time being that I expect 100+ to hold for the long term.

Time will tell.