Between early $2021$ and May of $2022,$ the exchange rate between the Japanese yen $($JPY$)$ and USD changed from

$110$ JPY $=1$ USD in $2021$ to

$130$ JPY $=1$ USD in $2022.$

Which of the following could potentially be the cause behind this change?

Group of answer choices

The JPY depreciated against the USD.

Supply of the USD by Japanese investors increased.

Demand for the USD by Japanese investors increased.

All of the other answers are correct.

The USD appreciated against the JPY$.$