Yen Surges Against Dollar as Asian Stocks Waver

Asian stock markets were mixed on Monday as the yen surged against the dollar after US and Japanese officials confirmed they had intervened to prop up its value.

The US Treasury purchased yen through the Federal Reserve Bank of New York, analysts said, with the Japanese side spending over $50 billion on intervention.

Japanese stocks suffered, however, with Tokyo's Nikkei 225 index falling 1.1% and the Kospi in South Korea dropping 5.2%. Hong Kong's Hang Seng index edged 0.1% higher while Taiwan's Taiex gained 0.6%

Oil prices plummeted more than 5% after US President Donald Trump said he would order forces to refrain from attacks against Iran, claiming a deal to end the fighting in the Middle East was close.