We transcribe in the following the spot quotes in New York and Tokyo respectively: 100JPY/USD = 0.9151 -0.9157 USD/JPY = 109.0070 109.0498 1. What is a "geographic arbitrage? 2. Do you think that these observed quotes indicate a profitable arbitrage opportunity? 3. If yes, what would do an arbitrageur holding $1 million? In this case, calculate the gain in USD realized from this arbitrage opportunity. 4. Knowing that the rate USD/JPY remains unchanged in Tokyo, determine the appropriate two-way quotes for the rate 100JPY/USD, that will be observed in New York and will allow an arbitrageur holding $1 million to extract a gain of $15 000