Konbanwa Sushi (Japan). The Japanese sushi franchise, Konbanwa Sushi, will be receiving six payments of €2,500,000 from now to 12 months in the future. Since the company keeps cash balances in both Japanese yen and U.S. dollars, it can choose which currency to exchange the euros for at the end of the various periods. Which currency appears to offer the better rates in the forward market?

Period Days Forward ¥/euro US$/euro spot— 0.0083 1.1079 1 month 30 0.0084 1.1100 2 months 60 0.0086 1.1123 3 months 90 0.0088 1.1151 6 months 180 0.0089 1.1214 12 months 360 0.0090 1.1337