Yen Jumps Against Dollar, Oil Prices Slip Amid Mideast Deal Hopes

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

The U.S. currency fell as low as 155.20 against the yen after President Donald Trump and Japanese officials confirmed they had intervened last week to curb the U.S. currency's rise to 40-year highs against the yen.

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

Oil prices fell sharply after Trump said he would order U.S. forces to refrain from attacks against Iran, claiming a deal to end the fighting in the Middle East was close.

U.S. benchmark crude fell 4.8% to $80.58 per barrel and Brent crude, the international standard, dropped 5% to $83.87 per barrel.