Skymark's finances were hit hard by foreign exchange rate fluctuations. In February 2011, when Skymark placed its initial A380 order, the Japanese yen was trading at historically high levels of around 82 yen to the U.S. dollar. After the introduction of the Abenomics policy in late 2012, the yen plunged in value, reaching around 102 yen to the dollar in early 2015. Many of Skymark's major investments and expenses were denominated in dollars—including the A380 orders, the A330 leases and its fuel costs—while its domestic ticket revenue was in yen, and the airline did not engage in exchange rate hedging. Skymark recorded its first net loss in five years for the March 2013 – 2014 fiscal year.