The yen would trade at a discount because its forward value regarding dollars is less than its spot rate.
" Do asset-demand functions optimize over the mean and variance of real returns?
Benefits of the forward contract include customization of terms, the amount, price, expiration date, and delivery basis.
What is a Forward Contract?45(2 pages 379-395, June.38(1 pages 156-183, March.McCallum, Bennett., 1994.

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Drawbacks over future contracts include the lack of liquidity provided by a secondary market.
" Human behavior and the efficiency of the financial system Handbook of Macroeconomics,in:.Example of Calculating Forward Discount, the basics of calculating az cardinals 50 50 raffle winning numbers a forward rate requires both the current spot price of the currency pair and the interest rates in the two countries (see below). .Cumby, Robert., 1988.Kyle, Albert S, 1985." The Survival of Noise Traders in Financial Markets nber Working Papers 2715, National Bureau of Economic Research, Inc.