Suppose That the Japanese Yen Appreciated Relative to the Dollar

Suppose that the Japanese yen appreciated relative to the dollar. This would mean that

A) official intervention should be expected to return the exchange rate to its pegged position.
B) each dollar could now buy more yen than before.
C) each dollar could now buy fewer yen than before.
D) an immediate adjustment back to the original exchange rate should be expected as a result of third currency arbitrage.
E) none of the above.