Asian Stocks Mixed as Yen Jumps Against Dollar Amid Oil Price Drop

Asian stocks were 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.

The move helped boost the profits of Japanese companies with big operations overseas, but also weakened Japan's purchasing power and increased costs for oil imports.

Meanwhile, oil prices fell sharply after US President Donald Trump said he would order US forces to refrain from attacks against Iran, claiming a deal to end the fighting in the Middle East was close. The price of U.S. benchmark crude dropped 4.8% to $80.58 per barrel, while Brent crude, the international standard, fell 5% to $83.87 per barrel.

Markets in Japan and South Korea were hit hard, with the Nikkei 225 index losing 1.9% and the Kospi dropping 4.5%. However, Hong Kong's Hang Seng index gained 0.6%, while Taiwan's Taiex rose 0.7%.