US Treasury Secretly Buys Yen in Rare Joint Intervention with Japan

U.S. Treasury Secretary Scott Bessent's notepad made headlines when a Reuters photographer captured it during a cabinet meeting at Camp David on July 31, 2026. The note read 'To Do: Buy Japanese Yen ($5-10 bil.)', sparking speculation about American involvement in supporting Japan's currency.

The next day, the U.S. Treasury intervened alongside Japanese authorities in a joint operation to prop up the yen, which had weakened to multi-decade lows against the dollar.

President Donald Trump explained the decision by saying 'Japan has been very good to the US... with the exception of Pearl Harbor.'

The New York Federal Reserve executed the U.S. portion of the trade by selling euros from the Treasury's Exchange Stabilization Fund to buy yen, marking a highly unusual approach that drew scrutiny from European counterparts.