Yen Surges as Global Markets React to Intervention and Oil Price Drop

World stock markets were mixed on Monday as the value of the Japanese yen surged against the US dollar after intervention by both countries. The dollar traded near 155.20 yen at one point, a significant drop from its recent high of around 164 yen.

The move helped boost Japan's Nikkei 225 index by 0.9% to 63,754.90, but the Kospi in South Korea dropped 5.1% to 6,257.45 after soaring 17.9% on Friday due to gains from tech giants Samsung Electronics and SK Hynix.

Oil prices also declined sharply following US President Donald Trump's statement that a deal to end fighting in the Middle East was close, prompting him to order US forces to refrain from attacks against Iran. Brent crude fell 4.7% to $83.92 per barrel, while U.S. benchmark crude dropped 5.6% to $79.89 per barrel.