Xero is considering an investment in Japan. The NZ dollar cost of equity for Xero is 9%. You are in the corporate treasury department and need to know the comparable cost of equity in Japanese yen for a project with cash flows that are uncorrelated with spot exchange rates. The risk-free interest rates on NZD and yen are rnzD =0.22% and ryen = -0.11%, respectively. The yen cost of equity is % (Fill in answer in the format of x.x)