Question: Yes, it's highly likely that JAL's forward contracts constituted an economic hedge, meaning losses on the contracts were offset by gains on its operations, as

Yes, it's highly likely that JAL's forward contracts constituted an economic hedge, meaning losses on the contracts were offset by gains on its operations, as JAL used them to mitigate the impact of exchange rate volatility on its profits, especially regarding expenses like aircraft purchases denominated in US dollars.

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