Yen Soars as US and Japan Intervene in Currency Markets

The value of the Japanese yen rose to its highest level since late last year after the US and Japan confirmed they had intervened in the currency markets. The intervention, which occurred last week, aimed to curb the rise of the US dollar against the yen, with the dollar falling as low as 155.20 against the yen on Monday.

The move is expected to boost Japanese companies' profits, particularly those with operations overseas, but could also weaken Japan's purchasing power and push up import costs. A strong yen has historically been a boon for Japanese exporters, but it can also make their products more expensive in foreign markets.

Oil prices fell sharply on Monday after US President Donald Trump said he would order US forces to refrain from attacks against Iran, claiming a deal to end the fighting in the Middle East was close. The price of U.S. benchmark crude fell 4.8% to $80.58 per barrel, while Brent crude, the international standard, dropped 5% to $83.87 per barrel.