Answer
The direction of the induced emf is clockwise.
Work Step by Step
As the magnetic field is reduced, the flux through the loop in the direction of the magnetic field is decreased.
According to Lenz's law, the induced current produces a magnetic field which opposes this change.
By the right hand rule, the direction of the induced current is clockwise.
Since the induced emf is in the same direction as the induced current, the direction of the induced emf is clockwise.
