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119, or equivalently that the price of a yen in relation to dollars is /119.
Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends, i.e. The spot exchange rate refers to the current exchange rate.
Individual traders comprise a very small part of this market.
The participants include large banks, multinational corporations, governments, and speculators.
The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
In some areas of Europe and in the retail market in the United Kingdom, EUR and GBP are reversed so that GBP is quoted as the fixed currency to the euro.
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Even if a company expects to be paid in its own currency, it must assess the risk that the buyer may not be able to pay the full amount due to currency fluctuations.