Will Smith Company, a Japanese (JPY) MNC, is contemplating making a foreign capital expenditure in Switzerland. The initial cost of the project is CHF 22,000. The annual cash flows over the seven year economic life of the project in CHF are estimated to be: 4,000: 5,000; 6,000; 7000; 8,000; 9,000; and, 10.200. The parent firm's cost of capital in JPY is 7.5%. Long-run inflation is forecasted to be 3.5% per annum in the JPY. and 7.5% in Switzerland. The current spot foreign exchange rate is CHF/JPY= 3.75. Determine the NPV for the project in JPY