The yen has outperformed its G-10 peers this week, rising 1.9% as traders anticipate a narrowing yield gap between the US and Japan. On Wednesday, the currency climbed as much as 0.8% to 151.84 against the dollar, leading the performance among major currencies.
Japan's economy grew at an annualized rate of 0.9% in the third quarter, surpassing the 0.7% consensus estimate, though it slowed from a revised 2.2% in the previous quarter. This growth supports the Bank of Japan's case for continuing rate hikes and alleviates pressure on the government as it prepares fiscal stimulus measures.
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