Suppose that you are the treasurer of IBM with an extra U.S. $1,000,000 to invest for six months. You are considering the purchase of U.S. T-bills that yield 1.810% (that's a six month rate, not an annual rate) and have a maturity of 26 weeks. The spot exchange rate is $1.00=100, and the six month forward rate is $1.00=110. What must the interest rate in Japan (on an investment of comparable risk) be before you are willing to consider investing there for six months