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US Treasury notepad prompts questions about yen buy plans
The photographed note appeared during a Camp David cabinet meeting, with the yen easing earlier in the day before later strengthening against the dollar, LSEG data showed.
A photograph of US Treasury Secretary Scott Bessent’s notepad at a Camp David cabinet meeting showed an item under “To Do” that read, “Buy Japanese Yen (JPY) $5-10 bil,” prompting questions about whether the Treasury planned to intervene in yen markets, according to Reuters as cited by the Guardian Business.
The image was taken at 11.33am local time, and Reuters said the note remained clearly visible in front of Bessent during a televised portion of the meeting about 30 minutes later. The outlet reported that a Treasury spokesperson did not immediately respond to a request for comment on the note’s contents or whether the Treasury had intervened to support the yen’s value against the dollar on Friday.
The Guardian Business reported that the yen’s depreciation to its weakest level since 1986 has been driven by factors including rising oil prices, citing Bloomberg News. Reuters previously reported that the Treasury had notified some banks that it could intervene in the yen market that day.
The Guardian Business also said the Financial Times later reported that the Federal Reserve Bank of New York sold euros to buy yen on behalf of the US Treasury. LSEG data showed the dollar fell from about 158.9 yen around 4.14 pm ET to about 157.6 yen just before 5pm, a drop of about 0.8%, and the article said the US Treasury has not intervened since 2011.