Dollar Dips as U.S., Japan Intervene to Support Yen

World stock markets were mixed 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 dipped to near 155.20 yen, down from 164 yen last week, as a result of the intervention.

Oil prices fell sharply due to a lull in fighting in the Middle East, with Brent crude dropping 4.7% to $83.92 per barrel and U.S. benchmark crude losing 5.6% to $79.89 per barrel.

Stephen Innes of SPI Asset Management said the intervention is a 'strong signal' that Washington is willing to support Tokyo in defending the yen's value.