Asian Markets Fluctuate as Yen Strengthens and Oil Prices Decline
WHO:
ABC News - U.S. President Trump confirmed actions to support the Japanese yen.
ABC News - Japanese officials confirmed their intervention in the currency market.
WHAT:
Bloomberg - U.S. stock futures surged, with Dow Jones industrial average futures up 189 points, or 0.36%, S&P 500 futures up 0.41%, and Nasdaq futures up 0.89%.
Bloomberg - The Kospi index in South Korea soared 17.9% on a recent Friday, marking its biggest single-day jump on record.
Bloomberg - U.S. oil prices fell 4.5% to $80.85 a barrel, and Brent crude dropped 4.6% to $83.90 amid hopes for a deal to reopen the Strait of Hormuz.
ABC News - U.S. President Trump stated 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.
Fortune - South Korea’s Kospi index soared 18% on Friday, marking its biggest single-day jump on record.
Fortune - U.S. oil prices tumbled 4.5% to $80.85 a barrel, and Brent crude dived 4.6% to $83.90 on hopes for a deal that will reopen the Strait of Hormuz.
Fortune - Analysts expect a gain of 85,000 jobs in the upcoming Labor Department’s monthly jobs report, with the unemployment rate projected to tick up to 4.3% from 4.2%.
ABC News - The U.S. and Japan acted to prop up the value of the Japanese yen against the U.S. dollar.
ABC News - The dollar fell to about 155.20 yen after intervention, down from nearly 164 yen.
ABC News - The U.S. Treasury bought yen through the Federal Reserve Bank of New York.
ABC News - Japan has spent more than 8 trillion yen (over $50 billion) on currency intervention.
ABC News - Oil prices fell more than 5%, with U.S. benchmark crude down 4.9% at $79.76 per barrel and Brent crude down 5% to $83.50 per barrel.
ABC News - Japan's Nikkei 225 index lost 1.1% to 63,652.26.
ABC News - The Kospi in South Korea dropped 5.2% to 6,252.49.
ABC News - The euro fell to $1.1539 from $1.1549.
WHERE:
ABC News - The actions took place in the U.S. and Japan.
ABC News - Tokyo, Japan, was mentioned as a location for trading updates.
WHEN:
ABC News - The intervention occurred last week, with specific actions confirmed on a Monday.
WHY:
Bloomberg - Trump attributed his reversal on military action against Iran to U.S. allies urging for diplomacy, while experts noted Iran appears to be gaining the upper hand in the conflict.
Fortune - Trump attributed his latest reversal on military action against Iran to U.S. allies pleading for diplomacy, while experts noted signs that Iran is gaining the upper hand in the conflict.
ABC News - The intervention aimed to curb the U.S. dollar's rise to 40-year highs against the yen.
ABC News - A weak yen boosts profits for Japanese companies with overseas operations but weakens Japan's overall purchasing power.
HOW:
Bloomberg - The U.S. 10-year Treasury yield fell 2.7 basis points to 4.718%.
Fortune - The Federal Reserve Chairman Kevin Warsh suggested alternative data and market tools could be used to fight inflation, leading to a "credibility shock" regarding the Fed's forward guidance.
ABC News - The U.S. and Japan intervened in the currency market to support the yen.
ABC News - Analysts noted that Washington is now prepared to support Tokyo in defending the yen.
(UPDATED August 4, 2026 00:05 UTC)
U.S. stock futures are on the rise, with the Dow Jones industrial average futures climbing 189 points, or 0.36%, while the S&P 500 futures are up 0.41% and Nasdaq futures have surged 0.89%. In South Korea, the Kospi index experienced its largest single-day increase on record, soaring 17.9% on a recent Friday. Meanwhile, U.S. oil prices have dropped 4.5% to $80.85 a barrel, as President Trump has shifted his stance on military action against Iran, citing calls for diplomacy from U.S. allies.
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(UPDATED August 3, 2026 16:25 UTC)
President Trump announced he would order U.S. forces to refrain from attacks against Iran, citing a potential deal to end the fighting in the Middle East, influenced by pleas for diplomacy from U.S. allies. In economic news, South Korea’s Kospi index experienced its largest single-day jump on record, soaring 18%, while U.S. oil prices fell significantly, with West Texas Intermediate dropping 4.5% to $80.85 a barrel amid optimism for a deal that could reopen the Strait of Hormuz. Meanwhile, analysts are anticipating an increase of 85,000 jobs in the upcoming Labor Department report, although the unemployment rate is expected to rise slightly to 4.3%.
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(UPDATED August 3, 2026 09:03 UTC)
President Trump has confirmed that the U.S. is taking action to support the Japanese yen, a move that comes as Japanese officials also announced their intervention in the currency market. The U.S. Treasury purchased yen through the Federal Reserve Bank of New York, helping to push the dollar down to about 155.20 yen, a significant drop from nearly 164 yen. Meanwhile, oil prices fell over 5%, with U.S. benchmark crude at $79.76 per barrel, as Japan's Nikkei 225 index lost 1.1% and the Kospi in South Korea dropped 5.2%.