Rugby World Cup and the Japanese Yen. Steven McGregor had planned his trip to the Rugby World Cup in Japan for almost a year. He had budgeted—

saved—€17,000 for expenses while in Japan. But he had postponed exchanging the euros for Japanese yen (JPY or ¥)—until the very last minute on September 17th, doing it at Dublin Airport at JPY 119.23 = 1.00 EUR. Given the following average monthly exchange rates in 2019, when should he have exchanged the euros for yen to maximize his Japanese spending money?

Month JPY = 1.00 EUR Month JPY = 1.00 EUR January 125.18 May 121.76 February 126.17 June 122.71 March 124.38 July 121.14 April 124.95 August 117. 02