A UK$-$based mutual fund within $45$ days will sell an asset denominated in Japanese Yen $($JPY$).$ The fund, with the purpose of hedging the currency risk, can:

a$.$ Have a long position in a JPY $($versus GBP$)$ future contract or a short position in a JPY $($versus GBP$).$ call option.

b$.$ Have a long position in a JPY $($versus GBP$)$ forward contract or a long position in a JPY $($versus GBP$)$ call option.

c$.$ Have a short position in a JPY $($versus GBP$)$ forward contract or a long position in a JPY $($versus GBP$)$ put option.