1. An effective exchange rate for the euro was 91.62 in January 2005 and 94.44 in January 2013. At the same time, an effective exchange rate for the Japanese yen was 132.41 in January 2005 and 144.12 in January 2013. Overall did the euro and the yen appreciate or depreciate between January 2005 and January 2013?
2. Based on the information in the previous question, can you surmise whether the euro appreciated or depreciated against the yen from 2005 to 2013?