Asian Stocks Mixed as Dollar Falls Against Yen

Asian stock markets were mixed on Monday after the U.S. and Japan confirmed they had intervened to prop up the value of the Japanese yen against the U.S. dollar.

The dollar fell to around 155.20 yen, down from a high of near 164 yen last week.

A weaker yen can boost the profits of Japanese companies with international operations, but it also makes imports more expensive and weakens Japan's purchasing power overall.

Stephen Innes of SPI Asset Management said this is a 'strong signal' that Washington is prepared to stand alongside Tokyo in defending the yen.