A leaked document reveals US Treasury Secretary Scott Bessent intends to buy between $5B and $10B in Japanese yen.
A photograph taken during a cabinet meeting at Camp David revealed a handwritten note by US Treasury Secretary Scott Bessent outlining plans to purchase $5B-$10B worth of Japanese yen. The document, captured by a Reuters photographer, suggests a potential intervention in currency markets to address yen valuation or trade dynamics.
No prior public announcement or consensus estimate had indicated such a move. The yen has faced prolonged weakness against the US dollar, with USD/JPY trading near multi-decade highs earlier this year. Similar interventions by Japanese authorities in 2022 and 2024 aimed to stabilize the currency amid sharp declines.
Markets have not yet reacted to the news, as the photograph was taken during a closed-door session and details remain unverified by official sources.