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When testing the International Fisher Effect in Excel I am unsure of which exchange rate to use as my Y variable. If my to countries

When testing the International Fisher Effect in Excel I am unsure of which exchange rate to use as my Y variable. If my to countries are China and Japan if Japan is the home country and for example (a) 1 yen=500 renminbi and (b)1 renminbi=50 yen. Which of these two exchange rates would be my Y variable Japan is my home country a or b? Thanks

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