The Japanese yen surged, reaching a month-high of over 147 per US dollar, following data confirming Japan's escape from a technical recession in the fourth quarter of 2023.

The gross domestic product showed unexpected growth of 0.4% year-on-year and 0.1% quarter-on-quarter, diverging from initial contraction estimates.

The economic rebound has sparked speculation about potential interest rate hikes by the Bank of Japan, potentially in March.

The yen's rise is also influenced by a weaker dollar and lower Treasury yields, reflecting the US Federal Reserve's more dovish stance.