It is also possible to quote the option premium as a percentage of the underlying. In the example given above, if the USD/JPY spot rate is currently 82, then the option price as a percentage of the underlying would be 2.11/82 = 2.57%. This is either the JPY 21,100,000 referred to previously (allowing for rounding), or 2.57% of USD 10,000,000 = USD 257,000.