Asian stocks are mixed as yen jumps against the dollar, while oil prices

BANGKOK (AP) — Asian shares were mixed Monday after the U.S. and Japan confirmed they had acted to prop up the value of the Japanese yen against the U.S. dollar, causing the yen to rise to its highest level since…

dollar, causing the yen to rise to its highest level since late last year.Oil prices fell sharply after U.S. President Donald 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.The dollar fell as low as 155.20 against the yen after 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. Last week it was trading near 164 yen.A weak yen helps to boost the profits of Japanese companies with big operations overseas, increasing their value in yen terms. It also has drawn foreign tourists who have enjoyed their strong purchasing power in Japan.But a cheap currency also weakens Japan's purchasing power overall, pushing up costs for the imports of oil and other goods needed to run its economy.The euro rose to $1.1533 from $1.1528.In share trading, Japan's Nikkei 225 index lost 1.9% to 63,140.68 early Monday, while the Kospi in South Korea dropped 4.5% to 6,298.75.The Kospi soared 17.9% on Friday for its best day in history after losing even more of its value earlier in the week.

The index is dominated by two tech giants, Samsung Electronics and SK Hynix, both of whose shares gained more than 25% on Friday. However, early Monday Samsung was trading 8% lower while SK Hynix had fallen 7.8%.Hong Kong's Hang Seng index gained 0.6% to 26,038.92 and the Shanghai Composite index lost 0.5% to 3,812.97.In Australia, the S&P/ASX 200 slipped 0.2% to 8,961.30.Taiwan's Taiex gained 0.7%.The lull in fighting in the Middle East helped take oil prices down about 5%. benchmark crude was down 4.8% at 80.58 per barrel.

Brent crude, the international standard, was down 5% at $83.87 per barrel.On Friday, U.S. stocks rose to finish a wild July for Wall Street.The S&P 500 climbed 0.7% and the Dow Jones Industrial Average added 0.5%. The Nasdaq composite rallied 1% after briefly losing all of an early 1.3% jump.The U.S.

stock market has lurched up and down as oil prices shot higher because of the war with Iran and growing worries over whether Big Tech’s massive investments in artificial-intelligence technology will translate into profits and whether chi…