U.S. dollar/Japanese Yen. What would be the premium expense, in home currency, for a Japanese firm to purchase an option to sell 800,000 U.S. dollars, assuming the initial values listed in this table

The premium expense, in home currency, is

yen____

(Round to two decimal places.)

Pricing Currency Options on the Japanese Yen
	A Japanese firm wishing to buy					A U.S.-based firm wishing to buy
	or sell dollars (the foreign currency)					or sell yen (the foreign currency)
	Variable		Value			Variable		Value
Spot rate (domestic/foreign)	S0	JPY	105.77			S0	$	0.0095
Strike rate (domestic/foreign)	X	JPY	100.12			X	$	0.0100
Domestic interest rate (% p.a.)	rd		0.085	%		rd		1.449	%
Foreign interest rate (% p.a.)	rf		1.449	%		rf		0.085	%
Time (years, 365 days)	T		1.000			T		1.000
Days equivalent			365.00					365.00
Volatility (% p.a.)	s		12.000	%		s		12.000	%
Call option premium (per unit fc)	c	JPY	7.2813			c	$	0.0003
Put option premium (per unit fc)	p	JPY	3.0600			p	$	0.0007
(European pricing)