Bessent's Secret List Exposes Yen Buying Plans
US Treasury Secretary Scott Bessent's 'to-do' list has sparked interest after a photo was taken during a cabinet meeting at Camp David, showing him contemplating buying Japanese yen. The list included the underscored words 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.'
The photograph was taken on July 31, and it appears that Bessent's name card was visible above the notepad. A Reuters report earlier in the day mentioned that the Treasury had notified banks about possible intervention in the yen market.
This comes after Japanese authorities stepped in to prop up the yen on Friday morning, causing a significant strengthening of the currency against the dollar. The yen continued to rise throughout the afternoon, with data from LSEG showing it reached 157.6 yen per dollar by 5 pm GMT, down 0.8% from its earlier high.
The US Treasury has not intervened in the yen market since 2011, when it joined other G7 countries in a coordinated effort to prop up the currency after Japan's devastating earthquake and tsunami.