Consider some data drawn from Exhibit $6\mathrm{.}5.$

The $1-$year rates can be viewed as spot interest

rates, and the $2-$year rates are yields to maturity

in annualized percent. The spot exchange rate is

$132\mathrm{.}192>.$

U$.$K$.$ Japan

$1$ year $1\mathrm{.}1050\mathrm{.}370$

$2$ year $1\mathrm{.}7700\mathrm{.}430$

What should be the $2-$year forward rate to prevent

arbitrage?