The yen has been strengthening against the U.S. dollar all morning, ever since last night's Japanese consumer prices release, which revealed that deflation is accelerating in Japan.
The U.S. GDP release at 8:30 AM ET missed expectations and put downward pressure on the dollar, giving the yen another catalyst for continued strengthening.
Right now, the yen is trading at 98.28 to the dollar, as it moves further away from the landmark 100 level that has yet to be broken.
The chart below shows the move this morning.
Click to enlarge
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