Here are exchange rates for the Japanese yen and British pound at the beginning of each of

Question:

Here are exchange rates for the Japanese yen and British pound at the beginning of each of the last 5 years. Your firm wants to determine which currency is more volatile as it assesses its exposure to exchange rate risk. Estimate the volatility of each currency's movements.

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...