Bessent ‘to-do’ list shows proposal for US to buy $5bn-$10bn of Japanese yen
Summary
US Treasury Secretary Scott Bessent was seen with a note indicating a plan for the US to buy $5 billion to $10 billion in Japanese yen. There were signs the US Treasury might intervene to support the yen as its value rose against the dollar on the same day.Key Facts
- The note saying “Buy Japanese Yen (JPY) $5-10 bil” was seen during a cabinet meeting at Camp David.
- The note was visible to Reuters, who took a photo at 11:33 am local time.
- The US Treasury had reportedly informed banks about a possible intervention in the yen market earlier that day.
- Japanese officials acted to strengthen the yen before the US Treasury’s possible involvement.
- The yen strengthened significantly against the dollar in late trading, with the dollar falling about 0.8% against the yen near 5 pm ET.
- The US Treasury has not intervened in the yen market since 2011.
- There was no immediate comment from the Treasury on the note or any intervention action.
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