A U.S. firm is receiving 185m JPY in 3 months time. JPY Futures are available on the Chicago Mercantile Exchange (CME) with a contract size of 12,500,000 JPY and currently trade at 0.009502 JPY/USD. The contract maintenance margin is 3600 USD with an initial margin of 110% of the maintenance margin. a) Describe the firms FX spot market currency exposure (long/short, size of exposure) before hedging. b) Describe how this firm would hedge its position using futures contracts