Appreciation
Appreciation, in general terms, is an increase in the value of an asset over time. The increase can occur for a number of reasons, including increased demand or weakening supply, or as a result of changes in inflation or interest rates.
A currency is said to ‘appreciate’ when it strengthens in value in response to market demand.
One currency that appreciated during the middle of the 1990s was the yen. In 1995, it mounted to 80 yen per dollar.