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Given the information: Price of a Big Mac in US: USD 3.75 Price of a BigMac in Japan: JPY 320 Exchange rate of JPY in

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Given the information: Price of a Big Mac in US: USD 3.75 Price of a BigMac in Japan: JPY 320 Exchange rate of JPY in Indirect Quote (JPY/USD): 1 USD = 120 JPY Based on PPP, the JPY is currently against USD. overvalued undervalued

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