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Currently, the spot exchange rate between the US dollar ( $ or USD ) and the Japanese yen ( JPY ) is 1 5 6

Currently, the spot exchange rate between the US dollar ($ or USD) and the Japanese yen (JPY) is 156.11 yen per USD. The one-year interest rate is 4.5% in the United States and 0.5% in Japan. If interest rate parity (IRP) holds, what is the 1-year forward rate (expressed as yen per USD)?

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