 For example, suppose a 10,000 USD (US dollar) cash deposit earns 2% interest over a year, so its value at the end of the year is 10,200 USD including interest.The return over the year is 2%, measured in USD.Let us suppose also that the exchange rate to Japanese yen at the start of the year is 120 yen per USD, and 132 yen per USD at the end of the year.