Yen, oil rally; stocks fall as geopolitical tensions flare

TOKYO -- The yen strengthened to the 150 range versus the dollar in Tokyo by midday on Friday, the Japanese currency's strongest point in about two weeks, as a "risk-off" mood carried over to Asian markets amid investor jitters about rising geopolitical tensions in the Middle East, an earthquake in Taiwan and elevated inflation in the U.S.

Japan's benchmark Nikkei Stock Average sank below 39,000 for the first time in three weeks, ending the session at 38,992.08, down 781.06 points, or 1.96%, from the previous day's close. At one point, it was down by as many as 998.90 points, or 2.51%.