Refer to Table 9.1.1, which gives the exchange rate between two currencies in two years. Between 2024 and 2025, did the yen appreciate or depreciate?

Question

Answer

The yen depreciated against the euro only when trade between Japan and Europe remained constant.

Answer

The yen appreciated against the euro only when trade between Japan and Europe increased.

Answer

The yen appreciated against the euro.

Answer

The yen depreciated against the euro.

Answer

The yen might or might not have appreciated against the euro.

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