A Japanese MNC, exports to, and imports from the UK. The MNC has accounts payable totaling GBP341 million, GBP-denominated debt of GBP196million (due in 3 months time) and accounts receivable totaling GBP 268 million. Which of the following statements is true on the MNCs GBP transaction exposure?

(A): If the Yen appreciates against the GBP, then the MNC will stand to make a loss on its GBP exposure.

(B): If the Yen appreciates against the GBP, then the MNC will stand to make a gain on its GBP exposure.

(C): If the GBP appreciates against the Yen, then the MNC will stand to make a loss on its GBP exposure.

(D): If the GBP appreciates against the Yen, then the MNC will stand to make a gain on its GBP exposure.

(E): More than one of these statements is true.