Oil prices fell significantly on Monday due to Israel's military action against Iran not affecting energy supplies, which reduced geopolitical tensions in the region.

Both Brent and U.S. West Texas Intermediate crude futures reached their lowest levels since October 1, as analysts observed a decrease in the geopolitical risk premium that had previously inflated oil prices.

The yen experienced a sharp decline in Japan following the ruling coalition's loss of its parliamentary majority, causing concerns about potential future interest rate hikes.

This political change has increased uncertainty in the financial markets and impacted investor sentiment.

In corporate news, Eli Lilly announced its plans to launch its weight-loss drug, Mounjaro, in Hong Kong by the end of the year, signifying a significant expansion for the pharmaceutical company in the Asian market.

Meanwhile, Olympus Corp's stock dropped significantly due to a scandal involving its CEO, contributing further to the market volatility of the day.