A Japanese MNC, exports to, and imports from the UK. The MNC has accounts payable totaling GBP341 million, GBP-denominated debt of GBP196 million and accounts receivable totaling GBP268 million. Which of the following is true on the MNCs GBP exposure in Yen terms if the Yen appreciates against the GBP?

a.

The MNC will experience a gain.

b.

There is not enough information to answer this question.

c.

The MNC will experience no gain or loss.

d.

The MNC will experience a loss.