The yen firmed against

The yen firmed against the majors, rising to 87.38 versus the dollar and to 128.81 against the euro as risk aversion continues to be the driving force behind the currency’s direction. Japan downwardly revised its Q3 GDP report by more than consensus estimates, which had forecast the revision to 0.6%, instead revealing its economic growth had slowed to 0.3% versus the previously reported reading of 1.2%. On an annualized basis, the revised Q3 GDP was trimmed to 1.3%, falling by more than expected from the 4.8% reported in the preliminary reading. According to Japan’s Cabinet Office, the downward revision was the largest since 2002 and raises doubt over the sustainability of Japan’s economic recovery.