Forex▲ Bullish
Bessent's Notepad Shows Plan to Buy Up to $10B in Yen
Treasury Secretary's to-do list, photographed at Camp David, lists buying yen. The move would mark rare U.S. intervention to support the currency.
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President Donald Trump's Friday cabinet meeting at Camp David produced an unexpected market signal. A Reuters photograph of Treasury Secretary Scott Bessent's notepad showed the item "Buy Japanese Yen (JPY) $5-10 bil" written on a to-do list. The photo was captured at 11:33 a.m. ET. Bessent's name card sat directly above the pad.
The Treasury Department did not immediately respond to a request for comment. Reuters reported earlier Friday that Treasury had told several banks it may intervene in the yen market. Japanese authorities had already acted in Tokyo trading to support the currency.
The dollar-yen pair closed Friday at $157.43, up 0.01%. The USD/JPY is up 6.82% over the past 12 months and 0.45% year-to-date.