Given that futures contracts on the Japanese yen are traded in units of 12.5 million yen and are quoted in cents per yen, it follows that a Japanese yen contract quoted at 0.0082 would be worth $10,250,000.

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The value of a Japanese yen contract quoted at 0.0082 would be calculated as 12.5 million yen * 0.0082 USD/JPY = $102,500, not $10,250,000.

Given That Futures Contracts on the Japanese Yen Are Traded