US Treasury Secretary's Notes Indicate Plan to Buy $5-10 Billion in Yen, Photo Reveals

A photograph taken by Reuters on Friday appears to show that U.S. Treasury Secretary Scott Bessent was contemplating a significant purchase of Japanese yen. The image, captured over the secretary's shoulder during a cabinet meeting at Camp David, shows a notepad with the words "To Do" followed by "Buy Japanese Yen (JPY) $5-10 bil."

Details of the Revelation

The photograph was taken at 11:33 a.m. ET during an on-the-record portion of the presidential cabinet meeting, according to Reuters. The notepad was positioned directly below Bessent's name card on the conference table.

A U.S. Treasury spokesperson did not immediately respond to a request for comment regarding the notepad's contents or whether an intervention in the foreign exchange market had occurred. The potential action follows an earlier intervention by Japanese authorities on Friday to support their currency.

Market Impact and Context

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The disclosure coincided with notable activity in the currency markets. LSEG data shows the Japanese yen strengthened considerably against the U.S. dollar late Friday afternoon. The dollar fell from approximately 158.9 yen to 157.6 yen between 4:14 p.m. and 5:00 p.m. ET, a move of about 0.8%.

Earlier on Friday, Reuters reported that the Treasury had notified several banks of a potential intervention in the yen market, citing a source familiar with the matter. A direct intervention by the U.S. to prop up the yen is a rare event.

Background on Currency Intervention

The last confirmed U.S. intervention to support the yen was in 2011, when it acted in concert with other G7 nations following a major earthquake and tsunami in Japan. Such moves are typically reserved for periods of extreme market volatility or to correct significant currency misalignments, making the note's appearance a potentially major policy signal.