Global Finance in Practice 1.2, Pbm_1.2 12) Lantau Beer of Hong Kong borrowed Japanese yen, rather than HK$, under a long-term loan agreement several years ago. The company's new CFO believes, however, that what was originally thought to have been relatively "cheap debt" is no longer true. What has changed to potentially affect his view? Analysis of Japanese yen-Denominated Delis Annual yen payments on debt agreement (1) Average exchange rate, WHKS 2008 12,000,000 123 2009 12.000.000 120 2010 12,000,000 Annual yen debt service, HKS Discussion: -4