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  "notes": "Uses a two-column comparison framework to address two distinct types of forex risk.",
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      "text": "Comparison of JPY-based NAV risk vs Financial risks from forex",
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      "text": "*1 The difference between JPY-based IRR and USD-based IRR... *2 Based on the assumption that the compositions of asset and liability...",
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      "text": "LTV managed with buffer at all times. Forex impact on LTV is limited. 10% USD depreciation -> only 1.2ppt increase in LTV. Investments and monetization flow is mainly completed in USD.",
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      "text": "Long-term returns are primarily driven by equity value growth, with forex playing a minor portion. Forex factor on IRR: Alibaba +1%, Sprint +4%, Arm +5%. Investing in strong economies (USD): 90% of portfolio is in USD.",
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