Suppose the inflation rate in Japan goes up relative to the inflation rate in the United States. What effect would that have on the supply. demand, and equilibrium price of Japanese yen? The supply of Japanese yen will go up, the demand for Japanese yen will go down, and the Japanese yen will depreciate The supply of Japanese yen will go down the demand for Japanese yen will go up, and the Japanese yen will appreciate The supply of Japanese yen will go up, the demand for Japanese yen will go down and the Japanese yen will appreciate. The supply of Japanese yen will go down the demand for Japanese yen will go up and the Japanese yen will depreciate