High-spin states in Xe123 were populated in the Se80(Ca48, 5n)Xe123 reaction at a beam energy of 207 MeV. γ-ray coincidence events were recorded with the Gammasphere spectrometer. Four new high-spin bands have been discovered in this nucleus. The bands are compared with those calculated within the framework of cranked Nilsson-Strutinsky and cranked Nilsson-Strutinsky-Bogoliubov models. It is concluded that the configurations of the bands involve two-proton excitations across the Z=50 as well as excitation of neutrons across the N=82 shell gaps resulting in a large deformation, 2≈0.30 and γ≈5°C
