The following is a frequency polygon of monthly exchange rate changes in the US dollar/Japanese yen spot exchange rate for a four-year period. A positive change represents yen appreciation (the yen buys more dollars), and a negative change represents yen depreciation (the yen buys fewer dollars) Monthly Changes in the US Dollar/Japanese Yen Spot Exchange Rate Frequency 20 15 10 Based on the chart, yen appreciation: O was less frequent than yen depreciation Owas more frequent than yen depreciation. 0 -5 -3 -1 1 3 Return Interval Midpoint (%)