Question 2 (15 marks) Momura is an investment asset manager from Japan. The fund invested Yen 100 mil to buy international shares two years ago in 2020. The exchange rate was Yen120/USD. The MSCI World Equity Index has performed well since then from 4500 to 7000 points. At the same time, the Japanese stock market has increased from 15000 to nearly 30000 points. The current exchange rate is Yen100/USD. The fund exits and sells the shares at 7000 points. A) Compute the rate of return on the investment in Yen terms. Show all the workings. (5 marks) B) Momura's investors were disappointed with the fund performance in the international market, as it lags far behind that of the Japanese market. They comment: "You should focus on identifying profitable domestic investments rather than venturing out to international markets. Most Japanese firms have international exposure anyway. Your weak performance relative to Japanese investments reflects your inability to understand that very basic fact." Evaluate the comment. (10 marks)