A US firm is expecting to receive 20 million JPY in 6 months from a subsidiary in Japan, and wants to hedge this cash flow against unfavorable exchange rate changes. Which of the following would work as a way to hedge this receivable?
Long call option on the JPY
Long futures on the JPY
Long put option on the JPY
Short futures on the JPY
Short call option on the JPY
Short put option on the JPY
Short the JPY in the spot market
Buy the JPY in the spot market