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If the spot exchange rate on the Hong Kong dollar (HKD) in Japanese yen (JPY) is 14 JPY/HKD (JPY per 1 HKD). The Hong King

If the spot exchange rate on the Hong Kong dollar (HKD) in Japanese yen (JPY) is 14 JPY/HKD (JPY per 1 HKD). The Hong King risk free rate is 0.75% and the Japanese risk-free rate is 0.50%.

What is the arbitrage-free nine month forward exchange rate in JPY/HKD?
If the actual 9-month forward contract is higher than the forward you calculated, what arbitrage transactions will take advantage of the mispricing?
What limits to arbitrage exist to prevent the mispricing from being fully exploited?

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