At first approximation, what is the overall result of the options positions?

A risk manager has a long forward position of USD 1 million but the option portfolio decreases JPY 0.50 for every JPY 1 increase in his forward position.

At first approximation, what is the overall result of the options positions?
A . The options positions hedge the forward position by 25%.
B . The option positions hedge the forward position by 50%.
C . The option positions hedge the forward position by 75%.
D . The option positions hedge the forward position by 100%.

Answer: B