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23. The following displays information relevant to international bond investing UK Japan Germany Korea 1-month interest rate (%) 4.34 0.97 4.36 2.09 Yield on 10-yr

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23. The following displays information relevant to international bond investing UK Japan Germany Korea 1-month interest rate (%) 4.34 0.97 4.36 2.09 Yield on 10-yr government 4.94 1.67 4.69 2.84 Expected currency change 1.2% 0.6% 0.2% -1.1% The 1-month interest rate is used as a proxy for the risk-free rate and the US 1-month interest rate is 1.8%. Which 10-yr bond will have the highest fully hedged bond return

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