Yen Soars as US and Japan Intervene, Oil Prices Fall

Asian stocks were mixed on Monday after the US and Japan 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.

The intervention had a positive impact on Japanese companies with big operations overseas, whose profits are boosted by a weak yen. However, it also makes imports more expensive for Japan, pushing up costs for oil and other goods needed to run its economy.

In share trading, Japan's Nikkei 225 index fell 1.9% to 63,140.68, while the Kospi in South Korea dropped 4.5% to 6,298.75.

The lull in fighting in the Middle East helped take oil prices down about 5%, with US benchmark crude falling 4.8% to $80.58 per barrel and Brent crude dropping 5% to $83.87 per barrel.