On July 1, 2005, a company enters into a forward contract to buy 10 million Japanese yen
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On July 1, 2005, a company enters into a forward contract to buy 10 million Japanese yen on January 1, 2006. On September 1, 2005, it enters into a forward contract to sell 10 million Japanese yen on January 1, 2006. Describe the payoff from this strategy.
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