Yen Soars as US and Japan Intervene, Oil Prices Plunge Amid Iran Breakthrough

World stock markets were mixed on Monday after the US and Japan confirmed their intervention to prop up the value of the Japanese yen against the US dollar. The move boosted the yen's value, which reached near 156.68 yen per dollar by late Monday in Tokyo.

The intervention was a joint effort between the two countries, with the US Treasury buying yen through the Federal Reserve Bank of New York to help boost its value. This move is seen as a significant signal that Washington is willing to support Tokyo's efforts to defend its currency.

Meanwhile, oil prices fell sharply after US President Donald Trump announced that he would order US forces to refrain from attacks against Iran, citing progress in negotiations to end the fighting in the Middle East. The price of Brent crude dropped 4.7% to $83.92 per barrel, while US benchmark crude lost 5.6% to $79.89 per barrel.