Why not convert when you can actually fly?
Devaluation is the larger risk than CX going under in my view. CX is going to be supported just for maintaining the
skeleton air network. It currently has no motivation to increase conversion rates as no-one can currently burn miles. I am far worried when pax can fly away, and I'm looking at 300,000 AM redemption return to Japan.
So I keep redeeming, cancelling and redeeming again all the way 12 months' out.