Question：Assume that it is now 30 June. KYT Inc is a company located in the USA that has a contract to purchase goods from Japan in two months time on 1 September. The payment is to be made in yen and will total 140 million yen.
The managing director of KYT Inc wishes to protect the contract against adverse movements in foreign exchange rates and is considering the use of currency futures. The following data are available.
Spot foreign exchange rate
Yen/$ 128.15
Yen currency futures contracts on SIMEX (Singapore Monetary Exchange)
Contract size 12,500,000 yen, contract prices are $US per yen.
Contract prices: September 0.007985
December 0.008250
Assume that futures contracts mature at the end of the month.
Calculate the value of a tick.
________
The correct answer is $12.50.
解析：To work this out take the size of the contract (12.5 million Yen) and multiply by the size of a tick (0.000001 – look at the number of decimal places on the futures quote given). This gives $12.50. This is a dollar figure, which appears strange as the contracts are in Yen. However a tick is a number of dollars, so the value of a tick will also be in dollars.
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