A risk manager at a commodity trading company wants to reduce the firm's risk exposure by selling 1,000 kilograms of commodity ST with a 1-year forward contract. Before entering into the position, the manager wants to estimate the fair forward price of commodity ST and gathers the following information:

• Spot price of commodity ST: JPY 5,201 per kilogram

• Annualized lease rate: 2.25%

• Present value of the annual storage cost for commodity ST: JPY 65 per kilogram

• Annually compounded risk-free interest rate: −0.35%

Assuming zero convenience yield, which of the following is the best estimate of the fair 1-year forward price of commodity ST?