The article examines exchange rate volatility using real data on deutschemark and yen returns against the dollar over a decade. The researchers found that the volatility and correlation of exchange rates can be accurately observed without the need for complex models. They discovered that exchange rate volatilities follow a normal distribution pattern, with high correlations between different currencies and their volatilities. The study also revealed persistent and predictable patterns in exchange rate dynamics, indicating long-term trends in volatility and correlation. Overall, the research provides valuable insights into the behavior of exchange rates over time.