Consider the exchange rate between the USD and Japanese Yen, according to the real exchange rate approach on exchange rate determination O The slowdown of the Japanese economic growth compared to other countries would lead to a nominal appreciation of the Japanese Yen O An increase in demand for Japanese outputs would lead to a nominal appreciation of the Japanese Yen O The slowdown of the Japanese economic growth compared to other countries would lead to a nominal depreciation of the Japanese Yen The exchange rate is determined by real factors and does not depend on nominal variables such as money supply