Answer onlyAssume a Japanese firm invoices exports to the U$.$S$.$ in Yen. Assume that the forward rate $(Ft)$ and spot rate $(S)$ of the Japanese yen are equal. If the Japanese firm expects the Yen to against the dollar, it would likely wish to come out with an effective hedging strategy. It could hedge by Yen forward.

a$.$ depreciate; buying

b$.$ depreciate; selling

c$.$ appreciate; selling

d$.$ Appreciate; buying

e$.$ No Answer