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The following is a frequency polygon of monthly exchange rate changes in the US dollar/Japanese yen spot exchange rate for a four year period A positive change represents yon appreciation (tha yen buys more dollars), and a negative change represents yen depreciation (the yen buys fuwer dollars) Monthly Changes in the US Dollar Japanese Yen Spot Exchange Rate Frequency 20 15 Based on the chart, yen appreciation: 10 5 -5 3 -3 -1 1 Return interval Midpoint (%) was less frequent than yen depreciation in the 0 0 to 20 interval occurred 20% of the time was less frequent than yen depreciation in the 0.0 to 20 interval occurred 20% of the time occurred more than 50% of the time was more frequent than yen depreciation