Bessent's Notes Hint at Possible US Yen Intervention Worth Billions
A recent photograph of U.S. Treasury Secretary Scott Bessent's notes from a cabinet meeting at Camp David has sparked interest in the potential for a significant intervention in the Japanese yen market.
The note, taken during an on-the-record portion of the meeting, reads 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.' The photograph was captured by Reuters photographer Daniel Heuer at 11:33 EDT (1533 GMT) on July 31, 2026.
The Treasury's potential intervention comes after Reuters reported earlier that day that the U.S. had notified banks of a possible intervention in the yen market. Japanese authorities had already stepped in to prop up the yen in Tokyo, leading to a significant strengthening of the currency during morning trading hours.
The dollar dropped from about 158.9 yen at around 4:14 p.m. (2014 GMT) to about 157.6 yen just before 5 p.m. (2100 GMT), representing a drop of about 0.8% in the value of the dollar relative to the yen.