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To: James Song who wrote (12265)	7/12/1998 7:14:00 PM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

James- if you hear the J-Yen is 142 to the dollar, then take 1/142 to get 0.007042, or 7042 as the CME likes to use it. This would be the "spot" or "cash" exchange rate. The nearest (actively traded) J-Yen futures contract right now is Sept (1998). The difference between spot and Sept futures will be a premium or discount depending on whether J-Yen money market interest rates are higher or lower than U.S. dollar money market interest rates. (This is not something to lose sleep over, unless you are a J-Yen futures spread trader). Jon.