Dollar put option, dollar decline, exercise option, that is, 200,000 dollars are converted into Japanese yen at the price of 65,438+065,438+00, and then covered in the spot market. After deducting the option fee, the option transaction is profitable.

200,000 * (110-100)-500,000 =1.5 million yen.

If you don't win the bid, the profit will be 6.5438+0.5 million yen.

If you win the bid, you will get sales of $200,000 in three months, and the proceeds of the option will be used to offset the risk of income decline caused by the decline of the US dollar exchange rate, that is, the loss of 1.5 million yen.