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The current spot rate between Japan and United States is USD 0.009/JPY, and the PPP implied spot rate between the two countries is USD 0.008/JPY.

The current spot rate between Japan and United States is USD 0.009/JPY, and the PPP implied spot rate between the two countries is USD 0.008/JPY. This implies _________________

Select one:

a. USD is over-valued by 11.11%.

b. USD is under-valued by 11.11%.

c. USD is over-valued by 12.5%.

d. USD is under-valued by 12.5%.

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