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The inflation rate in Japan is 3% and the inflation rate in the US is 5%. If the Japanese yen appreciated by 3% against the

The inflation rate in Japan is 3% and the inflation rate in the US is 5%. If the Japanese yen appreciated by 3% against the dollar in nominal terms did the yen appreciate or depreciate against the dollar in real terms?

Appreciated

Depreciated

Neither appreciated not depreciated

The data is not sufficient to support any of the above three statements.

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