#203 points) Here you find out the data about FORWARD contracts offered by "TIKI BANK related to YEN/EUR & EUR/VEN Y/ bid offer bid offer spot 8,1000 8,1200 spot 0,1235 0,1232 1m 8,0000 8,0500 1m 0,1250 0.1242 m 7.9000 7,9500 3m 0,1266 0.1258 6m 7.8000 7.8600 6m 0,1282 0,1272 Suppose that you are MISIRLOU, a Spanish importer that buy surfboards made in Japan and you must pay YEN 100.000 in 90 days. You have decided to avoid the risk of changes in foreign currency. Part One: o) First of all. As you, the importer, has to pay his debts in YEN, do you need to buy or sell YEN? Explain your answer. b) Are you acting as a speculator, a hedger or an arbitrageur? c) What change rate will you apply, YEN/EUR Or EUR/YEN? In other words, what is your domestic currency and what is the foreign currency? d) What is the risk the Spanish importer would like to avoid? An appreciation or depreciation of YEN against EUR