of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for or that will be exchanged for ¥141. In this case it is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $1/141.

The exchange rate may be quoted as a ratio, for instance, USD/EUR might be equal to 0.8625.

Each country determines the exchange rate regime

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