Alapanese importer has a f1,250,000 payable due in one year and would like to use futures contracts to hedge the foreign exchange risk. The 1-year CME futures price on JPY is X120/$ with a contract size of Y12.500.000, while the 1-year CME futures price on GBP is $1.25/ with a contract size of 62,500. What are the hedging positions needed for the importer