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

US Treasury Secretary Scott Bessent's notes from a meeting at Camp David revealed that he was considering purchasing $5-10 billion worth of Japanese yen. The handwritten note, taken by Reuters photographer, shows 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.' in underscored letters. This comes after the Treasury notified banks earlier on Friday that it may intervene in the yen market.

The purchase would be a significant move, as the US has not intervened to prop up the yen since 2011. The Japanese currency had strengthened against the dollar earlier in the day, with a drop of about 0.8% from around 158.9 yen at 4:14 p.m. to 157.6 yen just before 5 p.m.