On March 9, 2009, a U.S. investor is given a direct quote of 0.010113 U.S. dollars for one Japanese yen. That is, the price of a yen is $0.010113. The reciprocal of the direct quote is 98.88263, which would be the indirect quote for the U.S. investor; that is, one U.S. dollar can be exchanged for 98.88263 yens, which is the yen price of a U.S. dollar.

Question

Quizplus · Accepted Answer

The reciprocal of the direct quote gives the indirect quote, which in this case would be 98.88263 yens per U.S. dollar.