Maryland Light, a U.S. light fixtures manufacturer, is considering an investment in Japan. The dollar cost of equity for Maryland Light is 13.34%. You are in the corporate treasury department, and you need to know the comparable cost of equity in Japanese yen for a project with free cash flows that are uncorrelated with spot exchange rates. The risk-free interest rates on dollars and yen are r_$ = 5.64% and r_¥ = 1.28%, respectively. Maryland Light is willing to assume that capital markets are internationally integrated. What is the yen cost of equity?