4. Carry trade was mostly done by borrowing in Japan and lending in England due to the depreciated nature of the Yen at the time, coupled with high interest rates in England and a very appreciated Pound. Use the data in the spreadsheet tbillsjapanV5' to decide if you can also arbitrage between New Zealand and Japan. Suppose you borrow 1,000,000 [JPY] and lend in New Zealand at three months. Answer by interpreting a histogram with the frequency of gains/losses when arbitraging, use interest rate parity. Include histogram and frequency table in your answer. 4. Carry trade was mostly done by borrowing in Japan and lending in England due to the depreciated nature of the Yen at the time, coupled with high interest rates in England and a very appreciated Pound. Use the data in the spreadsheet tbillsjapanV5' to decide if you can also arbitrage between New Zealand and Japan. Suppose you borrow 1,000,000 [JPY] and lend in New Zealand at three months. Answer by interpreting a histogram with the frequency of gains/losses when arbitraging, use interest rate parity. Include histogram and frequency table in your