US Treasury Eyes $5B-$10B Yen Buy Amid Japan's Currency Woes

A recent photo published by Reuters has shed light on a note taken by US Treasury Secretary Scott Bessent, which contains a to-do list that includes buying $5-10 billion in Japanese yen.

The note was photographed during a US cabinet meeting at Camp David and has sparked speculation about potential US intervention in the foreign exchange market to support the Japanese currency, which has been under pressure against the US dollar.

This move comes as Japanese authorities have been trying to curb the weakening yen. The US Treasury Department reportedly notified several banks of the possibility of intervention in the foreign exchange market.

If implemented, this would be a significant U.S. intervention to strengthen the yen since 2011, when it acted in coordination with G7 countries after the natural disaster in Japan.