This study examined the effect of expressive suppression and expressive exaggeration on the subjective experience of emotion using a film eliciting positive or negative emotions. The film was presented to 96 Japanese participants, and the participants were instructed to suppress or exaggerate their emotional expressions in the event of the elicitation of some emotion while viewing the film. After watching the film, they were asked to rate their emotional experiences. It was observed that while the suppression of negative emotions did not decrease the participants' negative emotional experiences, their exaggeration increased them. In contrast, while the suppression of positive emotions decreased positive emotional experiences, their exaggeration did not increase them. These results suggest that expressive suppression and expressive exaggeration have different effects on the subjective experience of emotion, and the effects would reflect the frequency and motivation of positive- or negative-emotion regulation in our daily life.