Given: 3-month p.a. interest rates are 4% in the U.S. and 2% in Japan. The spot exchange rate for Japanese yen is 112.4 ¥/$ and the 3-month forward rate is F3-mo= 111.3 ¥/$. You wish to borrow yen. How can you effectively (synthetically) borrow ¥100,000,000 for three months without using the Japanese money market? (List each transaction you would make including the amounts of each currency involved.) What is the implied interest rate on your synthetic yen loan? Should you borrow yen directly or synthetically?