Nippon Oil to buy Iran oil in yen

Japanese firm Nippon Oil is to start paying for Iranian oil in yen, rather than in US dollars.

The first payments to be made in the new currency for crude oil contracts will take place in October.

Iran has been increasingly selling oil in currencies other than the US dollar, which has fallen in value.

Iran, the fourth-biggest oil exporter, has made the shift in the light of political differences with the US over its nuclear programme.