US Treasury Intervenes in Currency Market with Surprise Yen Buy

US Treasury Secretary Scott Bessent's notepad was leaked at Camp David showing 'Buy Japanese Yen (JPY) $5-10 bil.'

The leak revealed a previously unknown move by Washington to intervene in the currency market, buying yen for the first time since 1998.

Bessent told CNBC that the US bought yen because it had fallen too far and the market was pushing back. He emphasized that this is not just a one-day rescue but part of a longer plan with Tokyo to stabilize the yen's value.

The intervention led to the yen surging more than 1% to its strongest level since early May, reaching 155.20 per dollar. Japan's Finance Ministry confirmed the move on Monday and said they will continue to intervene if necessary.