Key facts
- A Reuters photograph revealed U.S. Treasury Secretary Scott Bessent's notepad during a cabinet meeting at Camp David.
- The notepad listed a 'to-do' item: 'Buy Japanese Yen (JPY) $5-10 bil.'
- Japanese authorities had previously intervened in the yen market on Friday to support its value.
- The dollar weakened against the yen in late afternoon trading, falling from approximately 158.9 to 157.6 yen.
U.S. Treasury Secretary Scott Bessent's notepad indicated he was considering purchasing $5 billion to $10 billion worth of Japanese yen during a cabinet meeting at Camp David, according to a Reuters photograph. The image, taken during an on-the-record portion of the meeting, showed the underscored words 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.'
Earlier on Friday, Reuters reported that the Treasury had notified banks of potential intervention in the yen market. Japanese authorities had already stepped in to support the yen, leading to a significant strengthening of the currency. In late afternoon trading, the dollar dropped from approximately 158.9 yen to 157.6 yen against the yen.
The U.S. Treasury has not intervened in the yen market since 2011, when it participated in coordinated action with other G7 countries following a major earthquake and tsunami in Japan.