Bessent's Yen Intervention Plans Exposed in Camp David Meeting

US Treasury Secretary Scott Bessent's 'to-do' list was exposed during a cabinet meeting at Camp David, revealing his consideration of buying $5-10 billion worth of Japanese yen. A Reuters photograph taken on July 31 shows the notepad with the underscored words 'To Do' followed by 'Buy Japanese Yen (JPY) $5-10 bil.'

The Treasury has not intervened in the yen market since 2011, when it joined other G7 countries to prop up the currency after a devastating earthquake and tsunami hit Japan. However, on Friday morning, Reuters reported that the Treasury had notified banks about possible intervention in the yen market.

A U.S. Treasury spokesperson did not immediately respond to a request for comment on the contents of the notepad or whether the Treasury intervened to help prop up the yen's value against the dollar on Friday.