NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

Takatoshi Ito, Kenta Yamada, Misako Takayasu, Hideki Takayasu

NBER Working Paper No. 18541
Issued in November 2012

---- Acknowledgements -----

Ito gratefully acknowledges research supports by the Japan Society for the Promotion of Science (JSPS) Grants-in-aid for Scientific Research (A) No. 20243014; and Center for Advanced Research on Finance (CARF) at University of Tokyo. Misako Takayasu acknowledges research supports by the Japan Society for the Promotion of Science (JSPS) Grants-in-aid for Scientific Research No. 22656025. The paper was presented in the Japan Economic Association Meeting in June, 2012. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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