If the spot rate is 114.46 / USD and the 6-month forward rate is 113.90 / USD,;

a.

Yen would have been devalued over the 6-month period

b.

Yen are at a 6-month premium of 9.8%

c.

Yen would have depreciated over the 6-month period

d.

No option is correct

e.

Yen would have appreciated over the 6-month period

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