Suppose that Japanese yen options trade at an implied volatility of 12%, that the yen price of the dollar is 120, and that there are 250 trading days in a trading year. Consider a portfolio that is short 100 of the 120 strike calls and long 100 of the 120 strike puts. What is the risk of this position and how can it be hedged using yen futures? Suppose that Japanese yen options trade at an implied volatility of 12%, that the yen price of the dollar is 120, and that there are 250 trading days in a trading year. Consider a portfolio that is short 100 of the 120 strike calls and long 100 of the 120 strike puts. What is the risk of this position and how can it be hedged using yen futures