nicleeson. Not sure your FX analysis is correct. I think all...

nicleeson. Not sure your FX analysis is correct. I think all assets and liabilities (apart from the small residual NAB loan) are in JPY. If unfavourable FX movement both assets and liabilities fall in AUD terms (that was the point of unwinding the hedges. So say AUD1.2B assets (assets written down) AUD1B liabilities = 200m equity. 20% unfavourable fx movement will only impact the net $200m equity. FX is now less of a driver than people think. It's all about the asset values now.