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Given the following quotes from three different dealers for the USD/JPY spot exchange rate: 121.15-121.25, 121.30-121.35, 121.15-121.35, calculate whether there is an arbitrage opportunity across

Given the following quotes from three different dealers for the USD/JPY spot exchange rate: 121.15-121.25, 121.30-121.35, 121.15-121.35, calculate whether there is an arbitrage opportunity across the respective bid-ask spreads.

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