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Phil Johnson, CFA, is a portfolio manager in the United States and manages a portfolio denominated in yen. Johnson has been using forward contracts on the yen to hedge this portfolio, but now he is considering using put options. Johnson: A. may choose to use put options if he wishes to more perfectly hedge his portfolio than was possible with the forward contracts. B. may choose put options if he wishes to lower the upfront hedging costs from what he incurred using forward contracts. C. may choose to use put options if he wishes to allow for upside potential on currency changes while hedging downside risk. |