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On July 1 , 2 0 1 1 , a company enters into a forward contract to buy 1 0 million Japanese yen on January
On July a company enters into a forward contract to buy million Japanese yen on January at a rate USDJPY On September it enters into a forward contract to sell million Japanese yen on January at USDJPY Describe the payoff from this strategy.
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USD
JPY
JPY
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