In a weird way they are now less exposed than when the hedges were in place. The AUD:JPY rate is so volatile that the banks could make calls if there was a large adverse movement in the fx rate outside the agreed collar structure which happened in Feb ie they were never "complete" hedges in the first place. RJT have been very lucky that a favourable fx movement happened so no more hedge calls.
In a weird way they are now less exposed than when the hedges...
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