A British firm has a payable denominated in South African rand (ZAR) that is due in 6 months. It would like to hedge its transaction exposure, but it is unable to obtain a forward contract on the ZAR. If the exchanges rate of the ZAR and the Japanese yen (JPY) are inversely correlated, then the British firm could enter a forward on the JPY to partially hedge its ZAR payable. In this case, if the ZAR appreciates over the next 6 month, the JPY forward is likely to deliver a .