In terms of the affect that the hedges may have on the cash distribution decision:
The AUD has strengthened another 5.3% against the JPY since the 28th May announcement when BJT said the hedge liability was $40 million 'out of the money'. So there's another 2.1 million free cash...
The AUD vs. JPY appears to be strengthening on a sustained trend, so it may have well improved by the August 'termination date'... who knows, it might be in the money by then!! lol
BJT
babcock & brown japan property trust
