Takeshi Kamada, Credit Suisse (Tokyo), observes that the yen-dollar spot rate has been holding steady, and that both dollar and yen interest rates have remained relatively fixed over the past week. He wants to invest $6060211 or its yen equivalent Takeshi wonders if he should try an uncovered interest arbitrage (UIA) and thereby save the cost of forward cover. Many of Takeshi's research associatesand their computer modelsare predicting the spot rate to remain close to 118.00 = $1.00 for the coming 180 days.

Spot rate ( =$1.00)	118.60
180-day forward rate ( =$1.00)	117.80
Expected spot rate in 180 days ( =$1.00)	118.00
180-day U.S. dollar interest rate	4.800%
180-day Japanese yen interest rate	3.400%

What is arbitrage profit? Round to the nearest dollar/yen.