Consider the following information on call and put premiums in yen per share for Nakagawa Co shares which are currently priced at 311 yen in the market. Each options contract refers to 1000 shares. (a) You expect the share price to rise to 400 yen. Discuss a speculative strategy and the profits/losses at a range of different prices for the underlying share in September. 1 (b) You own 1000 shares in Nakagawa Co and fear that the share price might fall to 200 yen. Discuss a partial hedging strategy using one of the contracts and the approximate value of your net hedged position at a range of different prices for the underlying share in September