Buffett shareholder letter: not anticipating future foreign exchange rate movements

On February 22nd, Buffett issued his annual shareholder letter, in which he mentioned that Berkshire has been continuously increasing its borrowing in yen, but not following any fixed pattern. All borrowing is fixed rate, no "floating rate" borrowing. < b > I do not anticipate future foreign exchange rate movements, so we strive to maintain a near neutral position in currencies.