3. (10 points) The spot rate of Japanese yen is 120.16/$ and the 6 -month Japanese yen forward rate is quoted as 128.53/$. (1) Is the yen quoted as a direct quote or indirect quote, assuming the U.S. dollar as home currency? (3 points) inderect QUote (2) Is the yen selling at a premium or discount? (2 points) Discount (3) What is the annual forward premium or discount on yen against the dollar? ( 5 points)