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QUESTION 24 Assume that the yen/dollar exchange rate quoted in Tokyo at 5p.m. is 120 = $1, and the New York yen/dollar exchange rate at

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QUESTION 24 Assume that the yen/dollar exchange rate quoted in Tokyo at 5p.m. is 120 = $1, and the New York yen/dollar exchange rate at the same time (noon New York time) is 123 = $1. What action should a broker take to yield immediate profit? forward exchange O currency speculation O currency swap arbitrage

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