Use the table given below and answer the following question:

1. In the 3 months forward market, is the yen trading at a premium or a discount?

2. Choose a vehicle currency other than the Euro or the dollar, and calculate the cross rate between that currency and the Hong Kong dollar.

Country, currency Colombia, peso Hong Kong, dollar Japan, yen 3-mos forward Norway, krone Euro area, euro UK pound In US$ - Fri. - .0003874 .1290 010747 .010769 .1472 1.2837 1.4426 Per US$ 2581.31 7.7536 93.05 92.86 6.7935 .7790 .6932 U.S. $ vs. YTD chg. (%) 14.8 Unch 2.6 2.6 -2.3 8.8 1.2