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 01.171 would be worth $14,637,500.

Question

Quizplus · Accepted Answer

The value of the contract is calculated by multiplying the contract size (12.5 million yen) by the quoted price in dollars (0.01171), resulting in $146,375, not $14,637,500.

Given That Futures Contracts on the Japanese Yen Are Traded