问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
为什么第二句是错的呢？ Swap rate 不就是固定利率吗，所以当swap rate上升的时候，收固定的应该是有gain的不是吗？
NO.PZ2016082405000080 Whiof the following statements is correct? I. preciation of the yen after the fault of LehmBrothers gave a substantigain to Japanese bank foreign currenswaps positions to obtain llfinng in interest rate swaps. II. Fixerate receivers experiena value gain to the extent ththe swrate increases. I only. II only. Both I anII. Neither I nor II. Appreciation, annot preciation, of the yen generatea substantigain for Japanese banks with foreign currenswaps positions. A fixerate receiver experiences a value gain to the extent ththe swrate clines. 它这里说的好不清楚，直接说obtain美元，没有说是期初obtain还是期末obtain，两个方向是反的，搞得没法判断，这种怎么办呢
Whiof the following statements is correct? I. preciation of the yen after the fault of LehmBrothers gave a substantigain to Japanese bank foreign currenswaps positions to obtain llfinng in interest rate swaps. II. Fixerate receivers experiena value gain to the extent ththe swrate increases. I only. II only. Both I anII. Neither I nor II. Appreciation, annot preciation, of the yen generatea substantigain for Japanese banks with foreign currenswaps positions. A fixerate receiver experiences a value gain to the extent ththe swrate clines. 第二句，swrate应该是收到的固定利率，对于fixerate receiver来说，swrate上升，每期收到的coupon上升，value应该是上升。助教的回答里，说value=P(r)-面值，没理解错的话就是分拆成的固定利率债券现值-浮动利率债券现值（面值），但后半句利率上升，P(r)下降是把swrate用在分母里折现用了吧?
麻烦一下第一句
为什么日元升值的时候有正的收益？
