The Rising Sun and Europe. The Japanese yen-euro cross-rate is one of the more significant currency values for global trade and commerce. The following graph shows this cross-rate from when the euro was launched in January 1999 through January 2015.

Estimate the change in the value of the yen over the following four trend periods.

a. Jan 1999–Sept 2000

b. Sept 2000–Sept 2008

c. Sept 2008–Sept 2012

d. Sept 2012–Jan 2015

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80 100 80 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 140 132 120 Jan-01 May-01 20 92 Sep-01 Jan-02 May-02 Sep-02- Jan-03 May-03 160 Sep-03 Jan-04 Japanese yen (JPY) = 1.00 European euro (EUR) Problem 9.17: The Rising Sun and Europe 180 168 May-04 Sep-04 Jan-05 May-05 Sep-05- Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08- Jan-09 May-09 Sep-09 Jan-10 May-10- Sep-10- Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12- Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 96 Jan 1, 1999-Jan 31, 2015 146