plasmod,I think you will find there is a lot of debt on each...

plasmod,

I think you will find there is a lot of debt on each property - if property markets stay weak for 2-3 years they will go close to failing.

However at 8c and now 12c there is considerable upside also which is why I am in.

By the way, they flagged some months ago that they were closing their hedgebook. The A$ moved from 90 yen to 103 yen over that time so this gain was apparent already (unless they had closed out at lower levels without advising market).