The Japanese yen just spiked to its highest level since November

The Japanese yen is climbing.
The yen is up by 1.1% at 109.70 per dollar as of 10:59 a.m. ET. It was up by just 0.3% at 110.62 per dollar earlier in the morning.
This is the first time the yen has cracked through 110 since November 2016. It's up about 5.8% against the dollar since the start of the year.
Betting on yen appreciation is popular during periods of heightened uncertainty as the currency is traditionally considered to be a "risk-off" trade.It's notable that the current yen ap