Yen Jumps, Oil Prices Plummet Amid US-Iran Detente

Asian stocks were mixed on Monday after the U.S. and Japan confirmed their intervention to prop up the Japanese yen against the U.S. dollar.

The yen jumped to its highest level since late last year, rising as high as 155.20 against the dollar.

A weak yen benefits Japanese companies with overseas operations by increasing their value in yen terms, but it also weakens Japan's purchasing power, pushing up costs for oil and other imports.

Oil prices fell sharply after U.S. President Donald Trump announced he would order U.S. forces to refrain from attacks against Iran, citing a deal close to ending the fighting in the Middle East.