Bessent's Secret List: $5-10 Billion Yen Purchase Plan Exposed

U.S. Treasury Secretary Scott Bessent revealed his 'to-do' list during a cabinet meeting at Camp David, showing he was considering purchasing $5-10 billion worth of Japanese yen. A Reuters photograph taken during the on-the-record portion of the meeting shows Bessent's notepad with the underscored words 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.'

The Camp David meeting was held on July 31, and the photograph was taken at 11:33 ET (1533 GMT). The Treasury has not intervened to prop up the yen since 2011, when it joined other G7 countries in a coordinated action after a devastating earthquake and tsunami rocked Japan.

The yen had experienced a substantial strengthening against the dollar earlier on Friday, with Japanese authorities stepping in to prop up its value. By late afternoon, data from LSEG showed 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), a drop of about 0.8%.