How should I adjust inflation when looking at historical foreign companies net income?

Having a discussion how to adjust a company net income growth. So we are using the Japanese yen into 1993. They way i adjust it is to first convert the yen to usd exchange rate in 1993. Then adjust that amount to with the USA inflation. The other side said adjust the inflation to the Japanese inflation then convert it to USD. Most sources says the second method is correct, but when measuring the net income of a company I believe it’s better the first method.