(3 points) Consider the following three exposures mentioned in the case:

(i) A yen commercial exposure based on forecasted receivables less payables of $900 million

(ii) An investment exposure resulting from equity stakes in several Japanese companies

(iii) A financing exposure through a yen-denominated bond issue resulting in $500 million worth of outstanding yen-denominated bonds

For (i)-(iii), what type of exposures are these? Explain. How are (i)-(iii) affected by movements in the exchange rate? If the exchange rate moves from 117 Yen/USD to 111 Yen/USD, how do the exposures in (i)-(iii) affect GM?

It can be more than one of the following per question: translation, transaction, and operating exposure