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

Based on the chart, yen appreciation:

		1. was less frequent than yen depreciation.
		2. in the 0.0 to 2.0 interval occurred 20% of the time
		3.occurred more than 50% of the time
		4. was more frequent than yen depreciation.

20 15 10 Based on the chart, yen appreciation: 5 5 -5 3 -3 -1 1 Return Interval Midpoint (%)