Yen weakens to multi-month low against the dollar

The Japanese yen fell sharply against the U.S. dollar, briefly hitting 159 yen per dollar for the first time in about a month and a half. The drop came as investors bought the dollar as a safe-haven asset due to escalating conflict in the Middle East, which also pushed up oil prices.

This has raised questions about the yen's own traditional status as a safe-haven currency during global turmoil. Meanwhile, the euro also slid to multi-month lows against the dollar for similar reasons.