Q16:

Anne is a currency trader at Morgan Stanley, trading spot exchange rates. She deals in the spot JPY / USD rate (i.e., the number of JPY per USD). At 8.10 am, she buys 10 mio USD (i.e., 10,000,000 USD) and sells JPY at a rate of 107.25. At 9.30 am (on the same day), she sells 10 mio USD and buys JPY at a rate of 107.58. How much profit has Anne made on these two trades? Give the answer in JPY to the nearest JPY. If she has actually made a loss, enter your answer as a negative number.