Forecast Errors from Forward Rates. Assume that interest rate parity exists. One year ago, the spot rate of the euro was $$1\mathrm{.}40$ whereas the spot rate of the Japanese yen was $$\mathrm{.}01.$ At that time, the one$-$year interest rate of the euro and Japanese yen was $3\%,$ compared to $7\%$ for the oneyear U$.$S$.$ interest rate. One year ago, you used the one$-$year forward rate of the euro to derive a forecast of the future spot rate of the euro and the yen one year ahead. Today, the spot rate of the euro is $$1\mathrm{.}39,$ and the spot rate of the yen is $$\mathrm{.}009.$ Which currency did you forecast more accurately?