Yen hits November 2016 highs after Japanese growth data

Yen surged on Wednesday to November 2016 highs against the dollar amid increased demand on the safe haven, in addition to disappointing Japanese growth data. 

USD/JPY rose to 107 from the opening of 107.80, with a session-low at 106.98, and a high at 107.90. 

Japan's GDP grew 0.1% in the last quarter of 2017, down from 0.6% in the previous reading, and missing expectations of 0.2%, while growing 0.5% y/y, sharply down from 2.2% in the previous reading, and also missing forecasts of 1%. 

Increased haven demand buoyed yen today against major rivals, especially after Japanese and Asian stocks slid today.

Conversely, the dollar continued to drop against major rivals, underpinning yen further, as markets await crucial US inflation data which would raise chances of a Fed rate hike in March.