20.17.1. Assume the spot foreign exchange (FX) rate between the US dollar and the Japanese Yen is 110.00 which can be represented as USDJPY 110.00 or JPY 110.00 where USD is the base currency and JPY is the quote currency; aka, quote 110.00 yen per one dollar of the base or "per unit" currency. The USD interest rate is 2.50% and the JPY interest rate is 0.450%. The period is one year and the compound frequency is annual. If the covered interest rate (CIP) arbitrage framework enforces a perfectly accurate one-year forward exchange rate, then what is the implied one-year "swap rate" which is here simply defined as the difference between the forward FX rate and the spot FX rate; put simply, what is the difference, F(USDJPY) - S(USDJPY), or F(USDJPY) - 110.00?