Look at Table 22.1 . How many Mexican pesos can you buy for $1? How many yen

Question:

Look at Table 22.1 . How many Mexican pesos can you buy for $1? How many yen can you buy? What rate do you think a Japanese bank would quote for buying or selling Mexican pesos? Explain what would happen if it quoted a rate that was substantially less than your figure.

* Direct quotes (number of U.S. dollars per unit of foreign currency). Other quotes are indirect (units of foreign currency per U.S. dollar). Dollar available = 1.00