Asian Stocks Waver as Yen Surges Amidst Iran's Threats

The yen surged in value on Tuesday, causing Asian stocks to waver. Japan's Nikkei 225 index fluctuated throughout the day before ending up 0.2%. The yen jumped as much as 0.6% to 153.51, its strongest level since February 18.

Oil prices continued their upward trend for a third day, with Brent crude futures edging up 0.04% to $97.04 a barrel. This increase in oil prices is due in part to Iran's threats of retaliation against any new attacks by targeting energy infrastructure across the Gulf, including U.S. oil and gas interests.

On the economic front, Japan's economy grew faster than initially estimated in the April-June quarter from the previous three months, supported by business spending. However, the figure still lagged analysts' forecasts. Meanwhile, data showed Japanese real wages rose 2.4% in July from a year earlier, marking the biggest increase since May 2021.