$5-10 Billion Yen Purchase Plan Revealed by US Treasury

The US Treasury Department has revealed plans to back Japan's currency, the yen. A photograph of a notepad belonging to US Treasury Secretary Scott Bessent during a cabinet meeting at Camp David showed an entry reading: 'Buy Japanese Yen (JPY) $5-10 bil.' The image was taken on Friday, and the dollar slipped by 0.8% against the yen in late trading.

The reported intervention comes after Japan's central bank data indicated that it may have sold as much as $58.97 billion to buy yen on Thursday. Japan has been actively intervening in the currency market, with repeated efforts to support the yen since its weakness accelerated in recent months.