Based on the exchange rate data sheets _________________________________. 2015:0.8185 2016: 0.9732

(a) The Japanese yen has depreciated relative to the U.S. dollar by 15.9% and the U.S. dollar has appreciated relative to the Japanese yen by 18.9%

(b) The Japanese yen has depreciated relative to the U.S. dollar by 18.9% and the U.S. dollar has appreciated relative to the Japanese yen by 15.9%

(c) The Japanese yen has appreciated relative to the U.S. dollar by 15.9% and the U.S. dollar has depreciated relative to the Japanese yen by 18.9%

(d) The Japanese yen has appreciated relative to the U.S. dollar by 18.9% and the U.S. dollar has depreciated relative to the Japanese yen by 15.9%

(e) None of the above