Let spot Japanese yen be $0.008058 and the 180-day forward yen is priced at $0.008135. Then the swap rate for the 180-day forward yen is 77-point premium (i.e., 0.0081350.008058). Forwardpremium (or discount) on a foreign currency may also be expressed in annualized percentage deviation from the spot rate using the following formula: Uncovered Interest Parity and the Asset Market Approach to the Determination of Exchange Rate