US-Japan Intervention Sends Yen Soaring as Oil Prices Tumble

The Asian stock market was mixed on Monday after the US and Japan confirmed they had intervened to prop up the value of the Japanese yen against the US dollar.

The yen rose to its highest level since late last year, reaching as high as 155.20 against the dollar, after Trump and Japanese officials confirmed their intervention.

A weak yen benefits Japanese companies with large overseas operations by increasing their profits in yen terms, but it also makes imports more expensive for Japan.