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In early 1989, Japanese interest rates were about 4 percentage points below U.S. interest rates. The wide difference between Japanese and U.S. interest rates prompted

In early 1989, Japanese interest rates were about 4 percentage points below U.S. interest rates. The wide difference between Japanese and U.S. interest rates prompted some U.S. real estate developers to borrow in yen to finance their projects. Spell out the sequence of the transactions. Comment on this strategy.

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