US Treasury Memo Suggests $5-10 Billion Yen-Buying Intervention
A photograph taken by Reuters during a cabinet meeting at Camp David revealed a memo in front of U.S. Treasury Secretary Scott Bessent containing the notation 'Buy Japanese Yen (JPY) $5-10 bil.'
The unusual revelation suggests that the U.S. government is considering yen-buying intervention, sending ripples through financial markets.
The photo was taken on July 31 during a period when the cabinet meeting was open to official press coverage, showing a Camp David meeting notepad with 'To Do' as the underlined heading and 'Buy Japanese Yen (JPY) $5-10 bil.' written below it. Secretary Bessent's nameplate is reportedly visible directly above the notepad.
No other text was written on the notepad, but a U.S. Treasury spokesperson has not responded to inquiries regarding the memo's contents or whether foreign exchange intervention was actually conducted that day.