The Japanese yen-euro cross rate is one of the more significant currency values for global trade and commerce. The graph below shows this cross rate from when the euro was launched in January 1999 through the end-of-year 2010. Estimate the change in the value of the yen over the following three periods of change.

a. January 1999-August 2001

b. September 2001-June 2008

c. July 2008-December 2010

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Monthly Average Exchange Rates: Japanese yen 1.00 euro 160 150 140 130 120 110 100 90 Source: PACFIC Exchange Ratas 02 06 08 10 2010 by Prot. warner Antwailor, University of British Columbia, Vancouv r BC, Canada