Suppose that the capital markets of the following three countries are well integrated: North America (with the

Question:

Suppose that the capital markets of the following three countries are well integrated: North America (with the dollar), Europe (with the eur), and Japan (with the yen). Suppose that you choose the yen as the home currency.
(a) Why does the average investor care about the jpy/usd and jpy/eur exchange rates (beside how it relates to how his or her wealth is measured in jpy)?
(b) What moments are needed in a mean-and-(co)variance framework, to summarize the joint of asset returns? Which of these are affected by the choice?
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