For financial derivatives, Orange, Inc. has decided that it will repatriate 480mm Yen from the Japan in time for their November 30 financials in order to boost their available US cash reserves. Because of the tax consequences involved in the cash repatriation, the CFO does not want any unpleasant surprises in November when they repatriate the funds due to currency fluctuations. Construct a position using December futures that will minimize Oranges currency exposure. Each contact is for 12.5 mm yen (the multiplier is 125,000, but the pricing is for 100 yen, making the full contract for 12.5mm yen). Note that it is better to under-hedge rather than over-hedge (i.e., leave some yen unhedged).