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An analyst observed the following rates: USD/JPY spot rate: 0.94105; The 3-months forward rate is 0.94320. Your coworker mentioned that the interest rate might be

An analyst observed the following rates: USD/JPY spot rate: 0.94105; The 3-months forward rate is 0.94320. Your coworker mentioned that the interest rate might be higher in one of the two countries.

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