Asian Stocks Mixed as Yen Rises on Intervention

Asian stocks were mixed on Monday after the US and Japan confirmed they had intervened to prop up the Japanese yen against the US dollar, causing it to rise to its highest level since late last year.

The US dollar fell as low as 155.20 against the yen after Trump and Japanese officials confirmed they had acted to curb the US currency's rise to 40-year highs against the yen.

A weak yen can help boost the profits of Japanese companies with big operations overseas, increasing their value in yen terms. However, it also weakens Japan's purchasing power overall, pushing up costs for imports of oil and other goods needed to run its economy.