Assume you can borrow or lend $1 million at the given interest rate in all countries, and enter both spot and forward exchange market. 

Can you come up with a plan and make money using the currency pair whose LHS and RHS differ the most?

   

Click to add title Verification of Covered Interest Arbitrage Market data as of April 6/7, 2015: Country Exchange ratio Spot exchange rate, R 3-month Forward exchange rate, F 3-month interest rate (annualized) USA 0.27375% In Percentages LHS RHS Diff(Absolute value) 1 Japan JPY per USD 119.5000 119.3400 0.10071% Examples 2 UK USD per GBP 1.4889 1.4879 0.57025% 0.04326% -0.07413% 0.13407% -0.06716% 3 Euro Zone USD per EUR 1.0936 1.0949 0.00857% 0.06630% 0.11887% 0.000908107 6.96132E-05 0.000525784