Asian Markets Mixed as Yen Surges and Oil Prices Fall

Asian markets were mixed on Monday after the US and Japan intervened to prop up the yen against the dollar, causing it to rise to its highest level since late last year. The move helped boost Japanese companies with overseas operations by making their profits more valuable in yen terms.

The US dollar fell as low as 155.20 against the yen after the intervention, down from a high of 164 yen last week. This is likely to weaken Japan's purchasing power overall and push up costs for oil imports and other goods needed to run its economy.

Oil prices also declined sharply on Monday, falling about 5% after US President Donald Trump said he would order US forces to refrain from attacks against Iran. This move is seen as a sign that a deal to end the fighting in the Middle East may be close.