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Implied Cross-Rate: 1 BP = 165.41 JPY 1 BP 1.39 USD Market Cross-Rate: 1 BP = 168 JPY 1 USD = 0.71943 BP 1,000 USD

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Implied Cross-Rate: 1 BP = 165.41 JPY 1 BP 1.39 USD Market Cross-Rate: 1 BP = 168 JPY 1 USD = 0.71943 BP 1,000 USD ---> 719 BP 719 BP --> 120,792 JPY 1,000 USD --> 719.43 BP 719.43 BP --> 120,864.24 JPY 1 USD = 119 JPY 120,792 JPY --> 1,015 USD 120,864.24 JPY --> 1,015.67 USD 15 USD risk-free arbitrage 15.67 USD risk-free arbitrage Implied Cross-Rate: 1 BP = 165.41 JPY 1 BP 1.39 USD Market Cross-Rate: 1 BP = 168 JPY 1 USD = 0.71943 BP 1,000 USD ---> 719 BP 719 BP --> 120,792 JPY 1,000 USD --> 719.43 BP 719.43 BP --> 120,864.24 JPY 1 USD = 119 JPY 120,792 JPY --> 1,015 USD 120,864.24 JPY --> 1,015.67 USD 15 USD risk-free arbitrage 15.67 USD risk-free arbitrage

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