For each of the following, is it part of demand for yen or supply of yen in the foreign exchange market?

a. A Japanese firm sells its U.S. government securities to obtain funds to buy real estate in Japan.

b. A U.S. import company pays for glassware purchased from a small Japanese producer.

c. A U.S. farm cooperative receives payment from a Japanese importer of U.S. oranges.

d. A U.S. pension fund uses some incoming contributions to buy equity shares of

several Japanese companies through the Tokyo stock exchange.

e. A Japanese estate company receives retained profits earned by its joint venture operating only in the U.S.