The method used in the forex market to express the value of a foreign currency in terms of how much of it is required to purchase one U.S. dollar. For example, the exchange rates for the Japanese Yen and the Canadian Dollar versus the U.S. Dollar are typically expressed in European terms as the number of foreign currency units required to purchase a Dollar. Thus, if USD/JPY is trading at 80.00, then that means it takes 80 Yen to buy one Dollar. also called an indirect quotation.
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