The Nominal Interest Rate Is 9 Percent in Brazil and 6

Multiple Choice

The nominal interest rate is 9 percent in Brazil and 6 percent in Japan. Applying the international Fisher effect, the Brazilian real should

A) appreciate by 3 percent against the Japanese yen.
B) depreciate by 3 percent against the Japanese yen.
C) appreciate by 1.5 percent against the Japanese yen.
D) depreciate by 1.5 percent against the Japanese yen.
E) appreciate by 15 percent against the Japanese yen.