Between 1992 and 2001, the Carry Trade Strategy of Borrowing

Between 1992 and 2001, the carry trade strategy of borrowing yen and investing in Australian dollars produced roughly offsetting profits and losses because:

A) the yen appreciated whenever the Australian-Japanese interest rate differential widened.
B) the yen depreciated whenever the Australian-Japanese interest rate differential widened.
C) the yen appreciated whenever the Australian-Japanese interest rate differential narrowed.
D) the value of the yen against the Australian dollar remained constant.