Question: Time 0 (S0) Time 1 (S1) JPY 104.32 / USD JPY 103.56 / USD USD 1.3763 / EUR USD 1.3563 / EUR Which of the

Time 0 (S0) Time 1 (S1)
JPY 104.32 / USD JPY 103.56 / USD
USD 1.3763 / EUR USD 1.3563 / EUR

Which of the following is a true statement?

a. The JPY depreciated from time 0 to time 1

b. the JPY appreciated from time 0 to time 1

c. The EUR appreciated from time 0 to time 1

d. Both a and c are correct

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