If equity risk premium is higher in one country P compared to other B, will currency appreciate or depreciate in Overshoot mechanism

CFA Level III
#1

If equity risk premium is higher in one country P compared to other B, will currency appreciate or depreciate in Overshoot mechanism?

I though it will lower P/B but somehow answer is higher P/B.

Are they refering to long term here?

#2

Equity risk premium increases, money inflow and then the local currency appreciates immediately and push the price higher thus the P/B ratio be higher.