If the Value Date of a Forward USD/JPY Transaction Is

Multiple Choice

If the value date of a forward USD/JPY transaction is declared a holiday in either New York or Tokyo, the correct value date will be:

A) the value date of the financial centre that is open
B) the next business day of the financial centre which is closed
C) the next business day when both New York and Tokyo are open
D) the previous business day when both New York and Tokyo are open